Indian NBFC Indostar gets funding from CDIB Capital
Hong Kong-headquartered CDIB Capital has closed an undisclosed investment in India-focused non-banking finance company (NBFC) Indostar Capital Finance in a bid to capitalize on the country’s growing credit market.
The investment brings Indostar's total amount of capital raised to $200 million, the firm announced. Indostar launched earlier this year through the sponsorship of a private equity consortium including Everstone Capital, Goldman Sachs, Ashmore Investment, Baer Capital, ACPI and CDIB Capital. It is a rupee-denominated lender to Indian corporates and entrepreneurs.
As of July, private equity firms had reportedly invested $200 million in six Indian NBFCs since the start of the year, despite regulators saying they will tighten their grip on the sector. Indostar noted in a release that India's $750 billion credit market growing at 15-20% annually across segments.
As of March 31, there were 12,662 NBFCs in India, according to the Reserve Bank of India. These entities are engaged in everything from microfinance to mortgages to truck financing to the largely passive ownership of companies, but they are classified by liabilities, activity and size.
More on Financing
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.