Other Private Equity/Strategic Investments
TPG, Norwest in talks to sell $60-M stake in NBFC SK Finance to Kenro Capital: report
Early backers of Jaipur-based NBFC SK Finance are in talks with Kenro Capital to explore a partial exit through a transaction valued between USD 50 million and USD 60 million. Long-term investors TPG and Norwest, which have held stakes in the company for eight to nine years, are expected to be among the selling shareholders.Existing shareholders in the firm include Norwest, TPG, Baring Private Equity India, Evolvence, and 360 ONE’s Special Opportunities Fund, which collectively held a 62.34% stake as of December 2025. The round could be upsized to include a primary capital raise from other investors.Founded in the early 1990s by Rajendra Setia and his family, SK Finance initially focused on the used-vehicle financing market before expanding into small-ticket secured MSME (micro, small and medium enterprises) loans. The firm operates nearly 680 branches across 13 states. In FY26, the company reported assets under management of INR 15,750 crore and a profit after tax of INR 431 crore.The company previously filed preliminary papers for a public listing in 2024 to raise INR 2,200 crore, but those plans were postponed.
Between Mar 2012 and Sep 2023, SK Finance had attracted about $ 419 M from Norwest, TPG Growth, 360 ONE, Evolvence, Axis PE, Baring India, Others.
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