Lendingkart has raised $24 million in a debt funding round from EvolutionX Debt Capital, while BillionElectric has raised $10 million in seed funding.
Lendingkart raises $24m debt funding
Digital lending platform Lendingkart on Tuesday said it has raised $24 million in a debt funding round from EvolutionX Debt Capital.
The company said it will use the funds to drive its growth as it looks to build on its profitable yearly numbers in FY23 and drive its
core business growth by enabling financing for a much higher number of MSMEs across India.
Lendingkart said it plans to launch new products such as credit cards for MSMEs, personal loans for self-employed individuals, and gold loans, among many others.
Rahul Shah, partner of EvolutionX Debt Capital, said, “We see tremendous opportunities for fintech players in India’s large but underserved MSME credit space. This is our first fintech investment, and we look forward to supporting the company’s journey of innovating India’s huge digital lending space.”
BillionElectric snags $10m seed round
Electric mobility as-a-service firm BillionElectric on Tuesday said it has raised $10 million in seed funding in the form of equity and lease funding.
The company said it will use the funds for the deployment of electric tarmac buses at the Bengaluru international airport and the development of a mid-mile heavy electric vehicle trucks platform.
The company said it has already signed a contract to expand its services to 10 additional airports across India.