Tag: credit needs

Razorpay acquires TERA Finlabs – The Hindu BusinessLine

Banking & Finance

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Razorpay on Monday announced its acquisition of TERA Finlabs, an AI-based risk tech SaaS Platform, for an undisclosed amount. 

“TERA Finlabs is a Bengaluru-based startup that provides technology, risk and capital solutions to enable innovative embedded financing solutions for businesses,” it said in a statement. 

TERA Finlabs is an Indian subsidiary of UK-based digital lender GAIN Credit.

Harshil Mathur, CEO and co-founder, Razorpay said, “The team at TERA FinLabs comes with exceptional domain knowledge in credit underwriting and risk managementand we see immense value in TERA Finlabs core lending infrastructure capabilities. Together, we are looking forward to addressing newer working capital issues faced by MSMEs.”

TERA will bring its entire technology stack, risk management capabilities, and onboarding solutions to create and enable a credit line for Razorpay’s merchantnetwork. Razorpay Capital along with TERA Finlab expects to service the credit needs of over 10,000 businesses in India by the next year.

This marks Razorpay’s third acquisition and comes following its foray into the B2B SME lending space with the launch of Razorpay Capital in 2019, the statement further said.

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IIFL Finance to raise up to ₹1,000 crore

Banking & Finance

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IIFL Finance will open a public issue of bonds on March 3, 2021, to raise up to ₹1,000 crore. The issue will close on March 23.

The funds will be used for business growth and capital augmentation, it said in a statement on Friday, adding that the bonds offer up to 10.03 per cent yield.

The Fairfax and CDC Group-backed IIFL Finance will issue unsecured redeemable non-convertible debentures (NCDs), aggregating to ₹100 crore, with a green-shoe option to retain over-subscription up to ₹900 crore (amounting to a total of ₹1,000 crore).

Negative perception, liquidity squeeze have pushed NBFCs to the brink: IIFL Finance chief

Digital process transformation

Rajesh Rajak, CFO, IIFL Finance, said, “Through a physical presence of 2,500 branches across India and a well-diversified retail portfolio, IIFL Finance caters to the credit needs of under-served population. The funds raised will be used to meet credit needs of more such customers and accelerate our digital process transformation.”

The lead managers to the issue are Edelweiss Financial Services, IIFL Securities and Equirus Capital. The NCDs will be listed on the BSE and National Stock Exchange.

IIFL Securities all set to acquire Karvy Stock Broking demat accounts

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