Lendingkart raises Rs 30 crore through NCDs from Anicut Capital
BENGALURU: Digital lending company Lendingkart has raised Rs 30 crore from alternative asset management firm Anicut Capital through non-convertible debentures.
Lendingkart CEO Harshvardhan Lunia said the capital will be used for strengthening the lending operations of the company’s subsidiary NBFC Lendingkart Finance Limited. The NBFC offers small business loans to SMEs.
“The latest round of NCDs will further bolster our loan book and enable us to serve the credit need of many more SMEs,” Lunia said.
Anicut Capital was founded by Ashvin Chadha and IAS Balamurgan. It made the first close of its Grand Anicut Fund in August last year.
“Traditional financing institutions only meet a part of the huge funding needs of small businesses. The credit gap creates abundant opportunities for new-age players to become a lender of choice for these underserved SMEs. Our collaboration with Lendingkart is a move to rapidly bridge the gap,” Chadha said.
Lendinkart’s competitor Capital Float has also recently raised capital through NCDs. NCDs are loan-linked bonds that cannot be converted into stocks but offer a higher rate of interest than convertible debentures.
Capital Float raised Rs 15 crore from Mahindra and Mahindra Financial Services through NCDs in March, and had also raised Rs 17 crore from IFMR Capital Finance Private Limited through NCDs in December.
Lendingkart CEO Harshvardhan Lunia said the capital will be used for strengthening the lending operations of the company’s subsidiary NBFC Lendingkart Finance Limited. The NBFC offers small business loans to SMEs.
“The latest round of NCDs will further bolster our loan book and enable us to serve the credit need of many more SMEs,” Lunia said.
Anicut Capital was founded by Ashvin Chadha and IAS Balamurgan. It made the first close of its Grand Anicut Fund in August last year.
“Traditional financing institutions only meet a part of the huge funding needs of small businesses. The credit gap creates abundant opportunities for new-age players to become a lender of choice for these underserved SMEs. Our collaboration with Lendingkart is a move to rapidly bridge the gap,” Chadha said.
Lendinkart’s competitor Capital Float has also recently raised capital through NCDs. NCDs are loan-linked bonds that cannot be converted into stocks but offer a higher rate of interest than convertible debentures.
Capital Float raised Rs 15 crore from Mahindra and Mahindra Financial Services through NCDs in March, and had also raised Rs 17 crore from IFMR Capital Finance Private Limited through NCDs in December.
