Tag: debt funding

Stride Ventures leads ₹7 crore debt funding round in sustainable footwear brand Neeman’s

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Stride Ventures on Thursday said that it has led a ₹7 crore debt funding in sustainable footwear brand Neeman’s. The funding will be done through Stride Ventures India Fund – II and will be utilised by the shoe brand for expanding its portfolio, investing in product development and commitment to the planet.

It will also enable them in to at entering newer markets and segments.

Ishpreet Singh, Founder and Managing Partner, Stride Ventures, said, “Customers are increasingly gravitating towards environment-friendly businesses, as the world moves towards a sustainable way of living. While the Indian footwear industry is poised to grow at a steady pace, the D2C segment for the footwear industry has become the fastest-growing channel. With its strong marketing strategy and large social media presence, the brand has expanded across PR, marketing, brand strategy, influencer partnerships and other allied functions. Taran and Amar have ensured that Neeman’s is well-placed to tap a huge target addressable market, and we are pleased to partner with them on this journey.”

As a sustainable brand that uses completely natural, renewable, recyclable and chemical-free materials, Neeman’s value proposition across products include comfort, durability and eco-friendliness. The footwear is lightweight, flexible, machine washable, and can be worn with and sock-free, making them suitable for the varied Indian weather. It has sold two lakh pairs of shoes till date.

Amar Preet Singh, Founder & COO Neeman’s, said, “We are excited to have Stride Ventures as our partners in the journey of changing how India wears shoes. Since our inception, our motto has been to craft sustainable and comfortable shoes. Thus, we launched footwear using unexplored natural and renewable fabrics such as Merino Wool, Recycled PET bottles and even recycled tyres, which the new-age conscious consumers have well accepted. This investment will enable us to strengthen our journey towards reducing carbon footprint and stay committed to producing well-crafted comfortable shoes. It will also facilitate us in extending into other categories such as fashion and apparel.”

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Avanti Finance completes Series A and debt funding round, raises ₹306 crore

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Technology led NBFC Avanti Finance has further raised $15 million or about ₹111 crore in Series A2 from existing investors Oikocredit, Nomura, The Bill & Melinda Gates Foundation and Dr KR Shroff Foundation. With this, it has completed their Series A and debt funding round, which raised a total of $41 million or ₹306 crore.

Also read: Should you subscribe to the Nykaa IPO?

“Avanti will use the funds to strengthen its deep tech platform, bolster data science, enhance its product suite and expand the team to enable unparalleled access to affordable credit and financial empowerment to millions of unserved and underserved households in India,” it said in a statement.

Rahul Gupta, CEO of Avanti said, “The Avanti team is excited and ready to accelerate our mission. We are grateful to our board and investors for reposing their faith in our unique business model to democratise credit to the next 100 million households and make every loan an impact story.”

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Lendingkart’s NBFC arm raises ₹108 crore from Dutch bank FMO

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Lendingkart, a financial services and fintech start-up, announced a new round of fund raising of $15 million (₹108 crore) in debt funding from FMO, the Dutch entrepreneurial development bank. With this deal, Lendingkart strengthens its three-year relationship with the bank, having received funds through NCDs (non-convertible debentures) and increasing its cumulative exposure to $19 million with this transaction.

FMO supports sustainable private sector growth in developing countries and emerging markets. This new influx of funds to Lendingkart will be utilised towards expanding the reach of financial products to the MSME segment through Lendingkart’s digital platform across 100 sub-industries spread across India.

Lendingkart to launch ‘credit intelligence services’ for banks

Lendingkart Group is a leading Fintech company in India, providing short-term working capital loans to SME borrowers under Lendingkart Finance Limited — a non-deposit taking NBFC arm of Lendingkart Group. Founded in 2014 by Harshvardhan Lunia, Lendingkart has evaluated nearly half a million applications, disbursing 1,00,000+ loans to more than 91,000 MSMEs in 1300+ cities across all 29 States and Union Territories of the nation, making it the NBFC with the largest geographical footprint in the country.

Focus on women entrepreneurs

The Group which has received an equity infusion of ₹1,050 crore to date, is financed by reputed international investors like Fullerton Financial Holding (FFH) (100 per cent subsidiary of Singapore Sovereign Fund Temasek Holdings), Saama Capital, Mayfield India, Bertelsmann, Sistema Asia and India Quotient. The Group had received an equity infusion of ₹319 crore in FY 2021.

Lendingkart ramps up headcount, promotes high performers

“We raised ₹1,800 crore in debt funding last fiscal. To support our growth plans we plan to raise a further ₹3,000 crore in debt funding from PSU and Private Banks, Small Banks, NBFCs, AIFs, HNIs and Overseas Funds. We are targeting 40 per cent growth over the pre-Covid year, this fiscal. We closed last fiscal with ₹30 crore in profits and sustained this till December 2020 despite the pandemic. With this new fund raise, Lendingkart will fast-track its efforts to improve financial inclusion and credit reach to 5,000 + new MSMEs with a focus on small businesses and women entrepreneurs,” Sudeep Bhatia, Lendingkart Group CFO, told BusinessLine. By FY 22, Lendingkart has planned to onboard 1.25 lakh MSMEs on its portfolio.

“Lendingkart Finance is a fast-evolving company and has become a leader in the fintech space in India. The new transaction is aligned to FMO’s ambition to accelerate financial inclusion through innovative technological solutions. As India recovers from the pandemic and uncertainties presented by it, we are pleased we can partner with Lendingkart to better support its customers, with a focus towards women-run businesses and micro enterprises” said Huib-Jan de Ruijter, Chief Investment Officer (a.i.), FMO.

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True Balance raises $10 million in debt funding for its NBFC True Credits

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Fintech app True Balance on Monday announced that it has raised $10 million in debt funding from a group of investors.

“The investment has come from Northern Arc, and other investors from India and Korea for its lending arm -True Credits (NBFC) to support the company’s growth,” it said in a statement.

The debt fund investment will largely help the NBFC subsidiary company achieve breakeven for its business and deliver profitability by the third quarter of the fiscal year 2021, it further said.

Eyes more funding

Vishal Bhatia, Chief Financial Officer, True Balance, said the company is expecting additional funding of $40 million this fiscal.

“As we raise funds, our efforts in stepping closer towards meeting the goal of being a successful organised lender, gets real,” he said.

The Seoul and Gurugram-headquartered fintech has disbursed loans over $30 million this fiscal to the underbanked through its licensed NBFC subsidiary True Credits Private Limited.

“The entity had previously raised series D funding of $28 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and other global investors towards the end of last year,” it further said.

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Indifi Technologies bags ₹35-cr debt funding from IndusInd Bank

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Indifi Technologies, a Gurugram-based online lending platform for small businesses, has secured ₹35 crore in debt financing from IndusInd Bank Ltd, with a guarantee from US International Development Finance Corporation (DFC).

These funds were from IndusInd Bank’s impact investing group to Riviera Investors Private Ltd, which is Indifi’s in-house NBFC arm. These funds will be used for onward lending to small businesses to accelerate post-Covid-19 economic recovery, the company said in a statement.

“The guarantee from DFC eliminates foreign exchange rate fluctuation risk from the balance sheet of Riviera and it has become an important tool to mobilise debt funding for impact space companies. We have done $30 million of DFC’s guarantee-backed transactions till date, out of which $25 million has been done in FY21,” Roopa Satish, Head-Corporate & Investment Banking, CSR & Sustainable Banking at IndusInd Bank, said.

Indifi has disbursed more than 30,000 loans across over 12 industries since inception through a network of 20 lenders and 80 partners. Recently, Indifi forayed into the pharmaceutical segment and will be extending its credit line solution to retailers — especially pharma distributors and local chemists — for managing their working capital needs and cash flows.

“Indifi deploys a unique and innovative approach to improve access to finance for small businesses, which are an important engine for economic growth in the Indian economy. Indifi’s support is especially important for India’s small businesses as they weather the effects of the Covid-19 pandemic and recover from its effects,” Loren Rodwin, Managing Director of Social Enterprise Finance in DFC’s Office of Development Credit, said.

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