Liquidity Events
Ambit Finvest acquires SMECorner's lending biz
Ambit Finvest Pvt Ltd, the NBFC unit of the Ambit Group, has acquired fellow Mumbai-based SME Corner's lending business. Under the deal, Ambit Finvest would acquire the assets of SMECorner along with its 300 employees and its proprietary online platform. The deal will allow Ambit Finvest to strengthen its SME lending business through SME Corner's proprietary online platform that uses AI and machine learning to disburse loans. SMECorner is claimed to have lent to over 17,000 SME business owners and currently has an AUM (assets under management) of around INR 450 crore.
From the Venture Intelligence PE-VC Deal Database: Between Sep-2015 and Feb-2020, SMECornerhad raised over USD 26 M from Quona Capital, Paragon Partners, Accion International, DGGF, Others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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