Fintech company LendingKart on May 7 said it has raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard.
The company will use the proceeds from the ECBs for onward lending activities for MSMEs, the firm said in a statement.
"At Lendingkart, we see this investment as a testament to our unwavering dedication to support Indian MSMEs," Harshvardhan Lunia, founder and CEO of Lendingkart Group said in the statement.
The company further said that the non-convertible debentures (NCDs) were listed on India International Exchange (IFSC) in GIFT City.
Prior to this, the company in June 2023, had raised Rs 200 crore in long-term debt funding from growth-stage debt financing platform EvolutionX Debt Capital.
In financial year 2022-23, the company had reported a net profit of Rs 116 crore at a group level, the statement added.
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