Non-Banking Finance Company has recently raised INR 337 crores in Series E funding from TPG Growth, and Norwest Venture Partners, and Evolve.
Even the promoter of the form Rajendra Setia also invested in this funding round.
The report suggests that with this funding series the form has raised over INR 1000 crore of external capital from marquee investors.
One of the partners at TPG Growth Akshay Tanna said- “This is our third round of investment in the company in the last 2.5 years and we continue to be strong believers in Ess Kay’s business model that bridges the large credit gap that exists for unbanked and under-banked populations in India. The strength of the founder and management team has allowed the company to navigate several disruptions along its journey, creating a successful rural-focused, lending platform in India. We are excited to strengthen our relationship with Ess Kay and look forward to continuing to work with the team to build on Ess Kay’s long-term success”.
Talking about the advisor the Spark Capital was the financial advisor for the firm for this exclusive finding Series.
Meanwhile, the managing director of Ess Kay said that over the years, we have created a niche positioning for ourselves in the rural and semi-urban markets with deep distribution across North, West, and Central India, on-ground sales, and collection infrastructure to cater to the underserved customer segment, strong underwriting and focus on asset quality”.
The company also added that the recent funding Series is one of the exclusive ones and they are highly grateful to the existing investors – TPG GROWTH and Norwest Venture Partners.
In 2019, TPG Growth financed Ess Kay Fincorp by $33 million which is roughly 235 crores I’m equity investment. And thus, flourishing day by day.