BREAKING NEWS

Advertisement

Business

Updated on: Thursday, December 23, 2021, 01:08 PM IST

SK Finance closes Rs 400 cr Series F round from IIFL Wealth, new investors

Rajendra Setia, Managing Director and CEO of SK Finance. | SK Finance

Rajendra Setia, Managing Director and CEO of SK Finance. | SK Finance

Advertisement

SK Finance, a Jaipur-based NBFC incorporated in 1994 and formerly known as Ess Kay Fincorp, recently closed its Series F fundraise wherein it cumulatively raised about Rs 400 crores from IIFL Wealth and other new investors. With this capital raise, the company to-date has cumulatively raised about Rs 1,400 crores from six investors.

SK Finance is a non-deposit accepting asset finance retail franchisee in the Indian mid-market space and is backed by marquee investors including TPG Growth, Norwest Venture Partners, Baring India, and Evolvence India Fund. It offers financing for five different product segments including commercial vehicles, agricultural and construction equipment, passenger vehicles, two wheelers and small business loans. As of September 30, 2021, SK Finance had an active borrower base of approximately 220,000 individuals and assets under management of approximately Rs 4,100 crores.

“The current investment will enable the company to continue its growth trajectory and further strengthen the leadership position built over the years,” said Rajendra Setia, Managing Director and CEO of SK Finance.

Spark Capital acted as the financial adviser to the company in relation to the fundraising round.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Thursday, December 23, 2021, 01:00 PM IST
Advertisement