Private Equity

PE Fund Investments

NBFC SK Finance raises Rs.400-Cr from IIFL Wealth, others

Press Release  

SK Finance (formerly Ess Kay Fincorp), a Jaipur based NBFC incorporated in 1994, has closed its Series F fundraise raising about INR 400 crore from IIFL Wealth and other new investors. SK Finance is one of the largest and systemically important non-deposit accepting asset finance retail franchisee in the Indian mid-market space. Spark Capital acted as the financial adviser to the company for the fundraising round. With the latest capital raise, the company has raised about INR 1,400 crore. SK Finance offers financing for five different product segments including commercial vehicles, agricultural and construction equipment, passenger vehicles, two wheelers and small business loans. The company has a leadership position in its focus geographies, deep penetration across 10 states through an extensive distribution network of 390 branches. The company has created a niche position in rural and semi-urban markets with deep distribution across North, West and Central India through on-ground sales, underwriting, and collection infrastructure. As of September 30, 2021, SK Finance had an active borrower base of approximately 220,000 individuals and assets under management of approximately INR 4,100 crores. The company has seen a loan book growth at 40%+ CAGR over the last seven years.

From the Venture Intelligence PE-VC Deal Database: Between Mar-12 and May-21, Ess Kay Fincorp (SK Finance) raised over INR 1,000-Cr from Evolvence India, TPG Growth, Norwest, responsAbility, FMO, Baring India, Ladderup (Exited), BanyanTree Growth Capital (Exited), and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)