SK Finance Secures Rs 1,328 Crore in Fundraise, Accelerates Growth for IPO Launch

24 Jan 2024 , 11:12 AM

SK Finance Ltd, an IPO-bound NBFC, raised Rs 1,328 crore in a recent fundraise. Existing investors like Norwest Venture Partners, TPG Growth, and Baring Private Equity India participated.

New investors Duro Capital, Axis Alternatives, Ananta Capital, and Mirae Asset Venture Investments also contributed funds. MO Alternate Investment Advisors, Motilal Oswal’s private equity firm, invested Rs 415 crore for a minority stake.

The fundraise included both primary and secondary capital. SK Finance plans an IPO in 2024, targeting $250 million to $300 million.

Funds aim to strengthen the business model and team conviction.CEO Rajendra Kumar Setia sees the primary capital infusion accelerating growth in brand, distribution, technology, and personnel.

Founded in 1994, SK Finance offers diverse vehicle financing, experiencing a 6-year CAGR of over 40 %. The company’s lending franchise and regular debt capital raises contribute to its growth.

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