Apax in $102m partial exit from India's Cholamandalam

The exit represents around 40% of the private equity firm's stake in the company, Apax partner Shashank Singh told Livemint. Since the firm's original commitment in 2014 for an approximately 10% interest, the investment has seen an IRR of more than 50%.

In June Cholamandalam saw another PE backer complete its exit, when Creador sold its remaining stake in the company for INR2.2 billion ($32.5 million). Creador began its exit last year, selling 36% of its holding in November for $21.5 million and selling an additional stake in May for INR1.54 billion.

Cholamandalam provides finance solutions for vehicles; home equity; housing; and micro, small and medium enterprises. It has more than 530 branches nationwide, with over $4.4 billion in assets under management as of March 2016.

In its most recent annual report, the company claimed revenue of INR42 billion for the year ended March 2016, up from INR37 billion 12 months earlier. Over the same period, net profit grew from INR4.4 billion to INR5.7 billion.

Apax has $47 billion in assets under management, and pursues late stage growth capital and buyout opportunities globally. It primarily focuses on the information technology, media, healthcare, consumer products, retail and business services sectors.

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• Topics
• South Asia
• Financials
• Open market
• Growth
• India
• Apax Partners
• NBFCs