1, March, 2024
HomeBusinessSK Finance Successfully Raises Rs 1,328 Crore in Fresh Funding Round, Accelerating Growth Ahead of IPO

SK Finance Successfully Raises Rs 1,328 Crore in Fresh Funding Round, Accelerating Growth Ahead of IPO

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SK Finance, a prominent non-banking financial company (NBFC) poised for an IPO, has successfully secured a substantial fund infusion of Rs 1,328 crore in its latest funding round. The capital was raised from a mix of existing and incoming investors, further reinforcing the confidence placed in the company’s robust business model.

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In this recent funding endeavor, key existing investors such as Norwest Venture Partners, TPG Growth, and Baring Private Equity India contributed to the capital, demonstrating their unwavering support for SK Finance. Additionally, notable new investors including Duro Capital, Axis Alternatives, Ananta Capital, and Mirae Asset Venture Investments (India) joined the roster of backers.

Motilal Oswal’s private equity firm, MO Alternate Investment Advisors (MO Alts), also participated as an incoming investor, injecting Rs 415 crore for a minority stake, according to an official statement from the company.

This comprehensive fundraise encompassed both primary and secondary capital, positioning SK Finance strategically for its future endeavors. The company, previously known as Ess Kay Fincorp, has been actively contemplating an initial public offering (IPO) in 2024, with plans to raise an estimated $250 million to $300 million (Rs 2,092 crore to Rs 2,511 crore).

Reflecting on the successful funding round, Rajendra Kumar Setia, Managing Director and CEO of SK Finance, expressed gratitude for the continued support from existing investors. Setia emphasized that the primary capital infusion would play a pivotal role in propelling the company’s growth, enabling strategic investments in brand building, distribution expansion, technology enhancement, and talent acquisition.

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Founded in 1994 by Setia, SK Finance boasts a diverse product portfolio that includes commercial vehicle loans, car loans, tractor loans, two-wheeler loans, and secured business loans. The recent financial backing serves as a testament to the confidence investors have in SK Finance’s business model and its leadership team, setting the stage for accelerated growth in the dynamic financial landscape.

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