Fincare Business Services Limited (Fincare), a Bangalore, India-based rural-centric financial inclusion platform, closed a INR 500 Crore investment.
The transaction involves both primary and secondary components. Backers included TA Associates, True North, Tata Opportunities Fund, LeapFrog Investments, SIDBI, Kotak Mahindra Old Mutual Life Insurance Ltd, Edelweiss Tokio Life Insurance and others. Following the deal, Indium, an investor in Fincare group companies since 2010, will remain a shareholder in the platform, along with Fincare management and promoters of the group companies.
The company intends to use the funds to continue to continue to build the infrastructure required to accelerate growth.
Led by Rajeev Yadav, Group CEO, Fincare is an umbrella holding company, managing financial services businesses that provide microfinance loans, micro-enterprise loans, and bank partnership loans to emerging consumers at the base of the pyramid via its companies: Disha Microfin Limited, which has received in-principle approval from the Reserve Bank of India to become a Small Finance Bank, Future Financial Servicess Pvt Ltd and Lok Management Services Pvt Ltd.
The platform today has INR 1735 crore in assets under management and serves over 10 lakh customers in seven states across West and South India.