PE Fund Investments
IKF Finance raises Rs.1,465-Cr from Norwest, Motilal Oswal Alternates
IKF Finance , a Vijayawada-based non-banking financial company (NBFC), has raised INR 1,465 crore (USD 175 million) led by Norwest (USD 100 million) with participation from Motilal Oswal Alternates via primary and secondary purchase of shares.The primary proceeds will be used to strengthen its distribution network, and invest in technology and people to scale its lending operations.Founded in 1991 by V.G.K.Prasad, IKF Finance operates across nine Indian states, offering secured loans including used commercial vehicle loans and financing for micro, small and medium enterprises (MSMEs).Moelis & Company and Unitus Capital acted as financial advisors to IKF Finance, Cyril Amarchand Mangaldas acted as legal counsel to IKF and MO Alternates, while Shardul Amarchand Mangaldas advised Norwest on the transaction.
Between May 2015 and Feb 2023, IKF Finance had attracted about USD 57 M from Accion International, TIAA and Motilal Oswal Alternates.For FY24, IKF Finance had reported about INR 579 Cr in Operating Income and about INR 102 Cr in PAT.
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