India, May 28 -- Fullerton-backed fintech soonicorn Lendingkart is raising INR 100 Cr (around $11.7 Mn) in venture debt from InnoVen Capital.

The board of Lendingkart passed a resolution on May 14 to issue 10,000 non-convertible debentures (NCDs) at INR 1 Lakh each to raise the sum from InnoVen Capital India Fund in two tranches, as per its regulatory filings sourced from the Registrar of Companies (RoC).

The Ahmedabad-based digital lending platform plans to use the fresh capital for general corporate purposes (including repayment of existing debt or investment in its subsidiary), a company spokesperson told Inc42.

The development comes months after Temasek-owned Fullerton Financial Holdings acquired a controlling 55.57% stake in Lendi...