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Global Private Equity Firms Eye Stake Sale at Aavas Financiers

29Jul By AdityaNo Comments

BUSINESS

Global Private Equity Firms Eye Stake Sale at Aavas Financiers

Global private equity giants EQT, CVC Capital, and Bain Capital have shown keen interest in the ongoing major stake sale process at Aavas Financiers Ltd (formerly AU Housing Finance Ltd). As per initial report, the deliberation of complete exit by NBFC's twin promoters, Kedaara Capital and Partners Group, after jointly acquiring the firm over eight years ago. The due diligence for the proposed deal is underway with Jefferies acting as the appointed sell-side advisor. While a strategic suitor exploring expansion in the financial services sector may have evaluated the opportunity, confirmation on their continued participation remains undisclosed. Queries directed via email to Kedaara Capital, Aavas Financiers, and CVC Capital remained unanswered at the time of this publication, with...

Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

1Jun By Press Trust of IndiaNo Comments

BUSINESS

Uday Kotak to sell 2.8 pc stake in Kotak Mahindra Bank

Mumbai, Jun 1, 2020: Billionaire banker Uday Kotak, who had a long run-in with the Reserve Bank over his excess personal holding in Kotak Mahindra Bank, will sell 2.8 percent stake in the lender for at least $90 million (Rs 6,800 crore). The move would bring the curtains down on a long standoff between the regulator and the bank over the issue, which saw Kotak dragging the RBI to the Bombay High Court in December 2018, and the case is still pending. "The stake dilution will be done through a block deal and will be completed shortly at a price band of Rs 1,215 to Rs 1,240 a share," a person familiar with the development told PTI. As per the term sheet, the deal would be worth $90 million at the lower end of the price band. Currently, Kotak and his family hold a 28.8 percent stake i...

PayU Recieved Licence from RBI to open its own NBFC

17Sep By Gauri SinghNo Comments

News

PayU Recieved Licence from RBI to open its own NBFC

PayU India has received a license from the Reserve Bank of India to operate its own non-banking financial company, a development that will provide a big boost to the fintech firm in growing its consumer credit business. PayU India managing director Jitendra Gupta will head the new initiative. The NBFC, PayU Credit, which will be a subsidiary of PayU, is the latest offering from the company that looks to expand its suite of credit-focused offerings. “With payments, we have access to data, and we generate data… For us, when we look at the market, the new aspirational class coming in, they need access to financing. We give financing to the consumer, which, in turn, reinforces business with merchants… This is not a market where one company can dominate,” le Moal said. PayU India processes...

20Jun By Lavina TolaniNo Comments

FUNDING

Micro Lending Platform SMECorner raises $7 Mn Funding from Capital First

Digital Micro-Lending Platform SMECorner has raised around $7 million ( Rs. 47.5 crores) from NBFC Capital First Ltd and a clutch of investors including Accion Ventures. The capital raised is a mix of debt and equity with 25 crores in debt and Rs. 22.5 crore in equity. Post the investment, Capital First will own a 14.2% stake in SMECorner. As informed by the NBFC in its stock exchange filing, the deal is aimed at sealing a partnership with Digikredit for loan orientation. It is backed by Singapore sovereign wealth fund GIC and private equity firm Warburg Pincus. SMECorner which helps SME's to access loans from banks will be using the capital to scale its loan book by expanding to offline branches and honing its platform. Samir Bhatia, founder and chief executive at SM...

11Jun By Lavina TolaniNo Comments

FUNDING

Google’s Investment Firm leads $22 Mn Funding in Aye Finance

Capital G, the growing arm of Google's parent company Alphabet has led a $22 million (Rs 147 crore) funding round in a microlending platform Aye Finance, a move that marks company first bet in the Indian financial sector. The Series C funding round witnessed participation from investors such as LGT and SAIF partners. The is the first equity funding for the Gurugram based Aye Finance which has so far raised Rs 200 crore from venture capital firms, while an additional Rs. 500 crore from debt and equity firms. Aye Finance that claims to be the first fintech company to raise capital from CapitalG competes with Lendingkart, InCred, Capital Float, Indifi Technologies, and many others. Aye Finance will be utilising the funds to strengthen its business operations and technology. It is als...

Indostar Capital Finance IPO subscribed two-thirds on Day 2

12May By Lavina TolaniNo Comments

Market

Indostar Capital Finance IPO subscribed two-thirds on Day 2

The Initial Public Offering of a Non-banking financial company backed by Everstone Capital-IndoStar Capital Finance Ltd. was subscribed 69% on the second day of bidding on Thursday. According to stock exchange data, the public issue of 22.57 million shares which excludes the allotment of anchor investors received bids for nearly 46.46 million shares. The category Qualified institutional buyers (QIBs) which was set aside also witnessed a subscription for over 1.80 times non-institutional investors 3% and retail investors 34%. Much ahead of the offering, this Mumbai based firm has successfully raised Rs 553.2 crore from prominent anchor investors including East Bridge Capital and Fidelity among others. The IPO will witness partial exit of promoters as well as co-investors. The of...

Lending Platform Happy Loans Acquires Non-Banking Financial Company

13Apr By Sheldan RungasamyNo Comments

ACQUISITION

Lending Platform Happy Loans Acquires Non-Banking Financial Company

Happy Loans, the platform that connects borrowers from the MSME sector to lenders announced on Thursday that it made the acquisition of Non-Banking Financial Company (NBFC) IFMR Mezzanine Finance Private Limited in order to use the funds of the firm to provide loans to its customers. Consequently to the deal, the NBFC company’s name will change to Arthimpact Digital Loans Private Limited. The acquisition is also a profitable way for Happy Loans to provide more capital and resources to micro-entrepreneurs than they could previously while reducing the cost of providing capital to its customers. Additionally, this purchase allows Happy Loans to benefit from a bigger share of the online loan market place. Indeed, Happy Loans looks forward to use Arthimpact Digital Loans Private Limite...

4Apr By Sheldan RungasamyNo Comments

FUNDING

Peer-to-peer Lending Platform Raises $1.3 Mn Funding

Finzy, a peer to peer (P2P) lending platform, announced that it received a first round of pre Series A funding worth $1.3 million from investors in the lending industry. The next round of this Series A funding is projected to complete with additional investments from a pre-selected group of investors in the coming 2 months. The capital raised from the funding will serve the purpose of improving technology, simplifying and facilitating the process of lending money and building a good team for the company. However, it has been pre-decided that a major chunk of the funding will be used to expand the reach of the company especially in Tier 1 cities as Finzy is looking to provide its services to a larger client base. Finzy is an online lending platform that specializes in providing easy, ...

2Apr By Sheldan RungasamyNo Comments

FUNDING

Veritas Finance Receives 23 crore funding from Belgium Firm

Veritas Finance, a Non-Banking Financial Company (NBFC) based in Chennai received Rs 23 Crore as in debt financing from Incofin Investment Management which is a fund manager company based in Belgium. The NBFC first allotted 230 Non-Convertible Debentures (NCDs) worth Rs 10 lakhs each on March 26, 2018. So far, Veritas Finance raised over Rs 268.8 Crore from a group of investors that include CDC Group, Swiss Fund, AAV Sarl and Lok Capital in equity and debt financing. Incofin Investment Management is a company that manages funds and investments in developing countries motivated in promoting inclusive progress. The company relies on investors that include leading development funds, banks, insurance companies, pension funds, high net worth and retail investors. The firm is famous for in...

Lendingkart’s NBFC Arm Bags $25M From A Clutch Of Investors

30Oct By RishabhNo Comments

FUNDING

Lendingkart’s NBFC Arm Bags $25M From A Clutch Of Investors

Lendingkart Finance Ltd, the NBFC arm of fintech startup Lendingkart has raised around $25 million through debt and equity funding. The company raised this sum between August and September this year in multiple tranches from financial institutions and NBFCs including IFMR Capital, Capital First, Tata Capital Financial Services Ltd (TCFSl) and Manappuram Finance Ltd, as per the report by VCCircle. Earlier in September, Lendingkart raised Rs 70 crore in equity funds from Singapore based- Sistema Asia Fund and its existing investors Bertelsmann India, Mayfield Capital, Saama Capital, Darrin Capital, India Quotient. Out of its current funding, the NBFC raise $9.2 million from its tech and digital marketing arm Lendingkart Technologies Ltd through debt of Rs 20 crore and an equity inf...