SME (Small, Medium enterprises) centric digital lending platform Lendingkart has secured Rs. 100 crore or nearly $12 million in debt and Rs. 8 crore or nearly $1 million in equity from Stride Ventures. This is the second major debt closure by the Ahmedabad-based firm in the past year.

In a regulatory funding of the company, the managerial board of the company has passed a resolution to issue 10,000 non-convertible debentures and 454 Series D5 CCPS to raise Rs. 108 crore or $13 million.

According to the submitted documents, the company supported by Temasek has accumulated a total of Rs 318 crore ($38 million) in debt so far. Lendingkart is set to receive the debt amount in two installments of Rs 50 crore ($6 million) each, with an annual interest rate of 14%.

According to the startup data intelligence platform TheKredible, followed by the post allotment,the present value of the company clocked at around $690 million.

During the last month, LendingKart raised $10 million through external commercial borrowing (ECBs) from a fund managed by BlueOrchard.

Presently,Lendingkart has successfully raised Rs. 1,050 crore ($126 million) in equity capital from prominent investors such as Fullerton, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, and India Quotient.

The company specializes in providing loans ranging from Rs. 5 lakh to Rs. 6 lakh to MSME business owners. According to its official website, Lendingkart has disbursed an impressive amount of over Rs.18,700 crore to more than 300,000 businesses across 4,100 cities.

The startup performed satisfactorily in FY23 as its revenue from operations grew by 33.4% to Rs. 858 crore. Meanwhile, the firm also posted Rs. 119 crore profit in the same period. It’s yet to file annual financial results for FY24.

According to media report, the company is planning to introduce initial public offering (IPO) by next year. Lendingkart is targeting to cross Rs. 10,000 crore in assets under management before going public.