PE Fund Investments
Digital lender DMI Finance raises $400-M led by Japan's MUFG Bank
New Delhi-based DMI Finance Pvt Ltd has closed a USD 400 million equity investment round led by Japan-based MUFG Bank. Existing investor Sumitomo Mitsui Trust Bank also participated in the round, which included primary and secondary transactions. Founded in 2008, DMI Finance is a pure-play digital lender, providing consumption, personal and MSME (micro, small and medium enterprises) loans. It aims to use technology to optimise the lending stack, from sales and underwriting to customer service and collections. DMI Finance sources and services customers through multiple digital channels including Samsung, Google Pay and Airtel, which work with DMI Finance to provide diverse financial products to their customers across India. The company says it covers 95% of India's pin codes and has an accessible customer base of 25 million. It is projected to disburse over $2.5 Billion in FY24 across products. From the Venture Intelligence PE-VC Deal Database: Between Oct-11 and Apr-20, DMI had raised over USD 370 M from NXC Corp, Burman Family Office and NIS New Investment Solutions. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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