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Lendingkart gets debt funding of Rs 300cr from Aditya Birla Sun Life AMC & others

Lendingkart Finance Limited has raised debt funding of Rs 300 crore from Aditya Birla Sun Life AMC and other undisclosed investors, reports PTI. It is common for lending companies to raise debt funding to replenish their loan book. PTI report mentions that the company will use fresh funds to growing its loan book and finance more MSMEs. 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 the other hand, an equity fund is a mutual fund that invests principally in company stocks. 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%. According to company's website, Lendingkart have disbursed about 28,000 loans to more than 12,500 MSMEs across 950 cities. The company aims to add 20,000 new MSMEs and disburse 30,000 loans in FY18-19 across 1200 cities across India, according to PTI report. Lendingkart's funding spree In February, it 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. A month before Series C, 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). In the same month (January, 2018) Lendingkart Finance received a debt funding of Rs 25 crore…

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