Private Equity

PE Fund Investments

MFI Arohan raises Rs.730-Cr from Nuveen, FMO, Piramal, others

Economic Times  

Microfinance company Arohan Financial Services has raised INR 730 crore via compulsorily convertible preference shares (CCPS). American asset manager Nuveen and Dutch development bank FMO have put in INR 165 crore each, while Piramal Alternatives and another European development financial institution invested INR 200 crore each. Arohan's promoter Aavishkaar Group, which holds about 33%, would continue to retain its holding without any dilution for about a year until conversion or any new fundraise. This is Arohan's second equity raise after the pandemic. It had mobilized INR 168 crore in February 2021. The MFI with INR 5,357 crore assets under management at the end of March plans to enter Gujarat, Haryana, and Maharashtra this year, besides expanding its footprint in Madhya Pradesh and Uttar Pradesh. It has 835 branches across 15 states.