Tag: raise

Northern Arc raises ₹100 crore debt from Sumitomo Mitsui Banking

Banking & Finance

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Digital debt financing platform, Northern Arc Capital, on Wednesday announced that it has raised ₹100 crore in debt from leading Japanese bank Sumitomo Mitsui Banking Corporation (SMBC).

In a press release, the Chennai-based non-banking finance company (NBFC) said that it will use the proceeds to cater to the credit demands of small enterprises and agri-businesses.

It also added that the transaction aligns with the company’s ESG goal of creating sustainable impact by providing efficient and reliable debt finance to underserved businesses.

“We are excited to deepen our partnership and engagement with one of the world’s premier banking institutions. This transaction will further deepen Northern Arc’s foray into retail lending through partnerships,” Kshama Fernandes, MD and CEO of Northern Arc Capital said in the release.

SMBC is Japan’s second largest and the world’s fourteenth largest bank by assets, with a presence in over 41 markets globally.

“We are pleased that our strategic partnership with Northern Arc Capital has evolved and deepened amid the rapidly changing environment and over the years, supported SMBC in contributing positively to the attainment of SDGs in India,” said SMBC India’s CEO Toshitake Funaki.

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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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BharatPe raises $108 million in Series D equity round

Banking & Finance

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BharatPe on Thursday announced that it has raised $108 million in a Series D equity round, at a valuation of $900 million.

“It has raised $90 million in primary fund raise and also ensured secondary exit for its angel investors and employees for a total amount of $18 million,” it said in a statement.

BharatPe bullish about growth prospects

The round was led by the company’s existing investor Coatue Management. All seven existing institutional investors participated in the round — Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.

BharatPe, third-largest player in UPI payment acceptance space

“With this round, the company has raised a total of $268 million in equity and debt till date,” it further said.

Loan book of $700 million

Ashneer Grover, Co-Founder and CEO, BharatPe, said, “With the balance sheet well-capitalised, we are now going to keep our heads down and deliver $30 billion TPV and build a loan book of $700 million with small merchants by March 2023.”

Last month, BharatPe had announced that it had raised ₹249 crore ($35 million) in debt from three venture debt providers — Alteria Capital, InnoVen Capital and Trifecta Capital.

This included raising ₹50 crore in debt from Trifecta Capital, ₹90 crore in debt from Alteria Capital, ₹60 crore from InnoVen Capital, and ₹49 crore from ICICI Bank.

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