Olympus, CX Partners lead $60m round for India's Nspira
Olympus Capital Asia Credit and CX Partners' India mezzanine fund have led a INR4 billion ($59 million) round for Indian management service provider Nspira.
The company will use the capital to expand into new regions and to widen its focus beyond education into other sectors, according to a release. Currently it employs 11,000 people and is present in eight states.
Nspira offers customized management services including staffing, training, IT infrastructure, and sales and marketing services; it also manages catering and transport facilities and administrative functions. At the moment the company mainly serves educational institutions, but management feels it is capable of working with businesses in any sector.
Olympus launched its structured credit business in 2013, seeking opportunities created by the pullback of commercial banks from Asia's debt market and the desire among entrepreneurs in the region for funding solutions that did not require giving up equity. The credit division's investments include a 2014 commitment to Atria Convergence Technologies, which is backed by India Value Fund Advisors and TA Associates.
CX Partners also set up its India mezzanine fund in 2013, targeting financing opportunities among small and medium-sized enterprises. The vehicle has been backed by the Overseas Private Investment Corporation (OPIC), which committed $66 million in 2014.
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