Lendingkart Secures INR 100 Cr Debt Funding from InnoVen Capital to Boost Fintech Growth

Fullerton-backed fintech unicorn Lendingkart has announced a significant financial milestone, raising INR 100 Cr (approximately $11.7 Mn) in venture debt from InnoVen Capital. This strategic funding is set to propel the company’s mission of providing accessible credit solutions to micro, small, and medium enterprises (MSMEs) across India.

Founded with the vision of bridging the credit gap for underserved businesses, Lendingkart has emerged as a key player in the Indian fintech ecosystem. The fresh capital infusion will enable the company to expand its loan portfolio and enhance its technology-driven lending platform, ensuring faster and more efficient services for its clients.

The partnership with InnoVen Capital, a leading venture debt provider, underscores investor confidence in Lendingkart’s business model and growth potential. This funding comes at a crucial time as the fintech sector continues to witness rapid digital adoption among small businesses seeking working capital and growth opportunities.

Lendingkart has already made significant strides, with assets under management nearing INR 10,000 Cr as per recent reports. The company aims to further strengthen its foothold by targeting more underserved regions and leveraging data analytics to offer tailored financial products.

This debt raise is also a testament to Lendingkart’s financial discipline, having turned profitable with a reported PAT of INR 118.8 Cr in FY23. Industry experts believe this funding will pave the way for the company’s ambitious plans, including a potential IPO in the next 24-36 months.

As the fintech landscape evolves, Lendingkart’s focus on empowering MSMEs positions it as a transformative force in India’s digital economy. With this latest funding, the company is well-equipped to drive innovation and financial inclusion on a larger scale.