Ambit Finvest Buys Out SME Lending Unit of Finmax
The subsidiary of investment bank Ambit Group called Ambit Finvest has reportedly acquired Finmax Credit & Finance, a unit of fintech firm Finmax that finances small and medium enterprises.
The details regarding the finances has not been disclosed yet. This acquisition is expected to give a significant direction and goal to Ambit Finvest’s strategy to diversify its asset base and create granularity in its lending portfolio.
With the acquisition of an SME-focussed lending business, the company is looking to see its Rs 400 crore worth loan book get a strong boost. This deal will take the company’s asset base to Rs 600 crore.
According to the agreement, Finmax’s team of 140 employees along with founder Sanjay Agarwal will join Ambit Finvest. After the implementation of the deal, ...