Lendingkart raises Rs 80Cr debt funding led by Alteria Capital

In its single largest investment, Alteria Capital has infused Rs 80 crore debt capital in digital lender Lendingkart. The last equity round was led by Singapore’s Fullerton Financial Holdings Pte Ltd. Other investors include Sistema Asia Fund, Bertelsmann India Investment, Mayfield India, Saama Capital, and India Quotient.

In May last year, Lendingkart said it hd expanded its reach and facilitated loans to 1,000 cities in India, disbursing more than 25,000 loans across 26 diverse sectors.

The platform aims to contribute towards building entrepreneurship at grassroot level and fuel a strong Indian economy. The company has offices in Ahmedabad, Bengaluru, and Mumbai but serves customers all over India.

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Harshavardhan Lunia, Co-founder and CEO, Lendingkart, said in a press statement:

"MSMEs have traditionally faced huge hurdles in growing their businesses. Our goal at Lendingkart is to help them succeed by fulfilling their financial needs. The funds raised will be used to grow our ability to service the MSME community across the country and bring them into the financial mainstream. Alteria Capital recognises our growth trajectory and we are very happy to join hands with the team."

Alteria Capital has a Rs 800 crore corpus and a greenshoe option of Rs 200 crore. The venture debt firm provides venture debt in the range of Rs 5 to Rs 100 crore to venture-backed companies. Alteria’s current portfolio includes Faasos, Portea, Fingerlix (Maverix Platforms Pvt Ltd), Toppr Technologies Ltd, Raw Pressery, Vogo Bikes, Dunzo, Vinculum, Mfine, Zest Money, Stanza Living, Country Delight, Loadshare, and Universal Sportsbiz Pvt Ltd (Wrogn, Imara & Ms. Taken brands).

Speaking of the funding, Vinod Murali, Managing Partner, Alteria Capital said: “The last few quarters have witnessed a lot of volatility in the NBFC space but the companies which have robust underwriting platforms and a strong equity cushion have been able to turn this into an opportunity for growth. While liquidity has not been easily available for the broader market, Lendingkart has grown sharply during this phase. The team at Lendingkart has built a solid foundation and we are excited to partner with them at this juncture. ”

According to the company, last year around 40 percent of its total loan book comprised borrowers from Tier II and III cities while around 20 percent were from Tier IV and V geographies.  The company’s consolidated revenue grew to Rs 91.8 crore last fiscal from Rs 35.6 crores in FY17.

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