Non-bank financier Ess Kay Fincorp Ltd on Thursday said it has raised ₹337 crore from a clutch of investors.
Existing investors TPG Growth, Norwest Venture Partners and Evolvence, along with promoter Rajendra Setia, invested as part of this round, it said.
With this investment, the company said it has raised over ₹1,000 crore of external capital from marquee investors.
The transaction reiterates the investors’ conviction in Ess Kay’s superior execution capabilities, consistent performance and unique positioning in the significantly underpenetrated used vehicle, and small and medium enterprise (SME) finance space, the lender said in a statement. Spark Capital acted as an exclusive financial adviser to the company in relation to the transaction.
Over the years, we have created a niche positioning for ourselves in the rural and semi-urban markets with deep distribution across north, west and central India, on-ground sales and collection infrastructure to cater to the underserved customer segment, strong underwriting and focus on asset quality, said Setia, also the managing director of the company.
According to Akshay Tanna, partner at TPG Growth, this is its third round of investment in the company in the last two-and-a-half years and continues to be strong believers in Ess Kay’s business model that bridges the large credit gap that exists for un-banked and under-banked populations in India.
