Coffee Day subsidiary Way2Wealth gets $30m from KKR
Indian boutique financial services firm Way2Wealth will receive $30 million from KKR in what is expected to be a structured financing deal rather than a typical private equity placement.
Way2Wealth, which earlier this year acquired Mumbai-based brokerage Techno Shares & Stocks and bought Bangalore-based Prudential Integrated Finances in 2009, will use the funds to capitalize its non-banking finance company (NBFC), DealCurry reported.
The company, set up by V.G. Siddharta, provides investment and advisory services to corporates, high net worth individuals and retail customers.
Way2Wealth's parent company is Coffee Day Holdings, a holding company for Siddharta's coffee retailing, real estate and plantation interests. Last year, Coffee Day received $200 million in funding from KKR, Standard Chartered Private Equity and New Silk Route Partners. The three investors now own 25% of the company.
Siddharta is said to be targeting further fundraising of INR17 billion ($327 million) over the next 3-4 years, with a view to investing INR2 billion in plantations, INR7 billion in retailing and INR7.5 billion in infrastructure.
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