Lendingkart set to raise $100 Mn in Series F
Temasek-owned Fullerton's newly acquired fintech firm Lendingkart is set to raise ₹850 crore (about $100 million) in its Series F round of funding. This marks the company's first significant fundraise since Fullerton acquired a majority stake in March.
Key Details:
Amount: ₹850 crore (approximately $100 million).
Round: Series F.
Instrument: The board of Lendingkart approved the issuance of 9,04,160 Series F preference shares at ₹9,401 per share.
Lead Investor & Major Contributors:
Fullerton Financial will spearhead the round with ₹511 crore.
Bertelsmann Nederland will contribute ₹71 crore.
Mayfield India will contribute ₹60 crore.
Saama Capital will contribute ₹47 crore.
Other Participants: Grand Anicut, Sistema Asia Fund, India Quotient, Darrin Capital, and co-founders Raichand Lunia and Harshvardhan Lunia, along with Mukul Sachan, are also joining the round.
Use of Funds: The proceeds will be deployed toward expansion and growth initiatives across the firm and its subsidiaries, including its wholly-owned unit Lendingkart Finance, as well as general corporate purposes.
Shareholding Post-Allotment: Fullerton Financial's stake will increase to 58.35% of the company's shareholding.
Company Context:
Lendingkart is a non-banking financial company (NBFC) that provides working capital and business loans to SMEs (Small and Medium Enterprises) across India, with average ticket sizes typically ranging between ₹5–6 lakh.
The firm claims to have disbursed over ₹18,700 crore to more than 300,000 businesses to date.
Prior to this round, Lendingkart had raised ₹1,050 crore ($126 million) in equity capital from various investors.
Financials (FY24): The company reported a 36% year-on-year rise in revenue to ₹1,090 crore, with profits at ₹175 crore.