Fintech firm Lendingkart said on Tuesday that its NBFC arm, Lendingkart Finance, had raised $ 15 million (roughly Rs 110 crore) in debt financing from FMO – the Dutch Entrepreneurial Development Bank. With the deal, Lendingkart strengthens its three-year relationship with the bank receiving funds through NCDs and increases its cumulative exposure to $ 19 million, according to a statement.

This new influx of funds to Lendingkart will be used to expand the reach of financial products to the MSME segment through Lendingkart’s digital platform, he added.

Lendingkart Group is funded by investors such as Fullerton Financial Holding, Bertelsmann, Mayfield India, Saama Capital, Sistema Asia, India Quotient and others and has raised approximately 1,050 crore in equity to date. The company has so far raised 5,000 crore rupees in debt financing. Lendingkart Finance has disbursed about a lakh of loans to over 90,000 MSMEs across the country.

Lendingkart has continued to support MSEs to help them relaunch their businesses and the coming year is seen differently with companies focusing on the sustainable and digital way of operating. “The new funds will be deployed to extend the reach of its financial products to the broad segment of MSMEs in around 100 sub-sectors spread across India,” the statement said.

Harshvardhan Lunia, Co-Founder and Managing Director of Lendingkart, said the funding demonstrates continued international support for India’s vibrant MSME sector and its critical role in contributing to the vision of becoming a $ 5,000 billion economy. . With this new fundraiser, Lendingkart will accelerate its efforts to improve financial inclusion and the reach of credit to our small businesses and women entrepreneurs. We are proud of our partnership with FMO and look forward to continuing our long term association with them, ”he added.

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)