Jaipur-headquartered non-bank lender Ess Kay Fincorp has raised USD 33 million (around Rs 235 crore) in fund infusion in a round led by private equity fund TPG.
Valuation details were not disclosed and the funds raised will be used for business growth.
It can be noted that the shadow banking segment has been going through choppy waters for over a year starting with the liquidity crunch. Ess Kay is a 25-year-old company with a Rs 2,500 crore book that focuses on commercial vehicles and small business owners.
This is the fourth round of funding for the company since 2012, and the last was a Rs 300 crore raised a year ago, an official statement said.
All the investors in the round are existing ones, and include TPG, Norwest Venture Partners and Evolvence India, it said.
“Since our last equity round, despite tight market conditions, we have continued to march towards our goal and capitalize on the platform built over the last 25 years by focusing on our niche and demonstrating the resilience of our business model,” its managing director and chief executive
Rajendra Setia said.
“We have great confidence in Ess Kay Fincorps leadership team and are delighted to make a significant
follow-on investment in this round to support the company’s next phase of growth,” TPG’s partner Gaurav Trehan said. PTI