Lendingkart Finance Limited has secured Series C funding of Rs 565 crore (approx US$87 million) in equity funding led by Singapore’s Fullerton Financial Holdings Pte Ltd (FFH), along with existing investors. Lendingkart is a non-banking finance company (NBFC) that provides small business loans ranging from Rs 1 lakh to Rs 40 lakh on its platform to SMEs. It claims to sanction them in a day and disburse within three days. The loans attract an interest rate of 16-24%. It claims to have disbursed over 20,000 loans to more than 13,000 SMEs across 23 sectors. The company will use the funds to further strengthen its product offering, technological and analytics capabilities, it said in a statement. Lendingkart Group has also signed a Memorandum of Understanding with Fullerton India Credit Company, a wholly owned subsidiary of FFH regarding possible opportunities and initiatives to support their respective businesses. Lendingkart on funding spree Last month only Lendingkart raised Rs 30 crore debt funding in the form of NCDs or non-convertible debentures, which are unsecured bonds, from Dutch development bank Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO). Note that, Lendingkart is a non-banking finance company (NBFC) that provides small business loans to SMEs and it is common for lending companies to raise debt funding to replenish their loan books. In the same month (January, 2018) Lendingkart Finance received a debt funding of Rs25 crore from State Bank of India (SBI) to further grow its loan book. Debt funds are different from equity funds. A debt fund may invest in short-term or long-term bonds, securitized products, money market instruments or floating rate debt. On…
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