Lendingkart on Tuesday announced raising $15 million as debt funding from Dutch entrepreneurial development bank FMO.
With this deal, Lendingkart strengthens its three-year relationship with the bank receiving funds through NCDs and increases its cumulative exposure to $19 million with this transaction.Lendingkart on Tuesday announced raising $15 million as debt funding from Dutch entrepreneurial development bank FMO. With this deal, Lendingkart strengthens its three-year relationship with the bank receiving funds through NCDs and increases its cumulative exposure to $19 million with this transaction.
The new funds will be deployed towards expanding the reach of its financial products to the vast MSME segment across around 100 sub-industries spread across India.
With the onset of the pandemic, India experienced one of the strictest lockdowns, disrupting economic operations leaving little recourse for the country’s small businesses with limited access to finance. Lendingkart has continued to support the MSEs to help them regrow their businesses and the coming financial year is being viewed differently with businesses focusing on sustainable and digital mode of operations.
FMO, the Dutch entrepreneurial development bank, supports sustainable private sector growth in developing countries and emerging markets. This new influx of funds to Lendingkart will be utilised towards expanding the reach of financial products to the MSME segment through Lendingkart’s digital platform.
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