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Lendingkart Group raises $10 million in debt funding

Lendingkart Finance Limited has raised $10 million in debt funding from Kotak Mahindra Bank, Aditya Birla Financial Services, and other financial institutions. The funds will be used to expand its operations to 700 cities and restock its loan book. Note that Lendingkart operates a non-banking finance company (NBFC) and as such, it is common for lending companies to raise debt funding to replenish their loan books.  In June, Lendingkart raised debt funding worth Rs 50 crore from Yes Bank and raised $12 million debt funding during its $32 million Series B round of funding led by Bertelsmann India Investments (BII) and Darrin Capital Management. According to this Livemint report, the company had previously raised an undisclosed amount in debt from DCB Bank Ltd, though it doesn’t specify when this deal took place. Meanwhile, Lendingkart has raised equity capital upwards of $30 million from Bertelsmann India Investment, Saama…

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