Lendingkart finance raises Rs 3 billion through non convertible debentures

New Delhi, Aug 2 (KNN) Expanding its loan book, Lendingkart Finance has raised Rs 3 billion through non-convertible debentures, its biggest NCD funding ever, from Aditya Birla Sun Life AMC along with another entity. 

Aditya Birla Sun Life AMC has infused Rs 1.5 billion while the balance is provided by another mutual fund company.

The funds will be used towards growing the loan book and financing a greater number of MSMEs, the company said.

The company has so far disbursed over 28,000 loans to more than 21,000 MSMEs across 26 diverse sectors and it now proposes to expand its reach to over 1200 cities across India.

Commenting over the latest development, CEO and co-founder Lendingkart Finance, Harshvardhan Lunia, said “using these funds the company would expand its reach and help empower MSMEs so that a healthier and more conducive environment is created for the MSME ecosystem.”

It also intends to make digital loan acquisition a safe, convenient and reliable process, he added.