SK Finance raises Rs 1,328 cr from TPG, Motilal Oswal

27 Jan 2024 CW Team

SK Finance, an NBFC engaged in used and new vehicle financing and secured business loans, raised Rs1,328 crore from existing investors Norwest Venture Partners, TPG Growth and Baring Private Equity India. Motilal Oswal?s private equity firm ? MO Alternate Investment Advisors also participated in this larger fund raise as an incoming investor investing Rs 415 crore for a minority stake, said a press statement.

Other investors who have participated in this round include Duro Capital, Axis Alternatives, Ananta Capital and Mirae Asset Venture Investments (India). Founded by Rajendra Kumar Setia in 1994, SK Finance has a product portfolio consisting of commercial vehicle loans, car loans, tractor loans, two-wheeler loans and secured business loans.

?This primary capital infusion will help accelerate our growth through proposed investments in brand, distribution, technology and people," said Rajendra Kumar Setia, Managing Director and CEO of SK Finance.

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