Au Financiers raises $21m from existing investors

Shareholders participating in the round include International Finance Corporation (IFC), Warburg Pincus and ChrysCapital. Financial services firm Motilal Oswal Securities has also invested $3 million.

Jaipur-headquartered Au Financiers has 225 branches in north western parts of India, and it expects its loan book to soon hit the $1 billion milestone.

Part of this latest investment will be used by the company to expand ts network in 10 states namely Rajasthan, Maharashtra, Gujarat, Goa, Punjab, Madhya Pradesh, Chhattisgarh, Delhi, Haryana and Himachal Pradesh, according to VC Circle,

According to AVCJ Research, this is the seventh round of investment in Au Financiers.

The first came in 2008 when Motilal Oswal Venture Capital Advisors invested an undisclosed amount, before returning a year later to put in $4 million. A third round was raised in 2010 when Motilal Oswal Private Equity Advisors and IFC invested $12 million.

Motilal PE exited part of its stake the following year when Warburg Pincus invested $50 million and then again last year when ChrysCapital put up $22 million.

More recently, IFC lent $30 million to Au Financiers through non-convertible debentures. Around the same time it lent $35 million and $26 million to Magma Fincorp and Bandhan Finacial Services, respectively.

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• Topics
• Financials
• South Asia
• Expansion
• India
• Financial Services
• Motilal Oswal Private Equity
• ChrysCapital Management
• IFC
• Warburg Pincus Asia
• Growth capital