Jaipur-based retail NBFC Kogta Financial (India) Ltd has raised ₹300 crore in Series C funding, led by private equity firm Creador IV L.P. along with Morgan Stanley Private Equity.

Founded in 1996, Kogta Financial specialises in secured retail used and new vehicles, and MSME financing. Kogta operates 105 branches across 8 states in Central and West India, and serves more than 30,000 active customers.

“Post our initial investment in November 2018, Kogta has scaled up operations across eight states, with a sharp focus on asset quality and asset liability management,” Arjun Saigal, Co-Head of Morgan Stanley Private Equity Asia in India, said in a statement.

The company offers financing for used and new commercial vehicles, cars and tractors, along with loans to MSME segment. It operates across Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Delhi, Punjab, Haryana and Uttar Pradesh.

As of September 30, 2019, the company had a loan book of ₹825 crore ($117 million).

IIFL Seed Ventures Fund was the first institutional investor in the company.