Money & Banking

TPG Growth leads $ 33 million equity investment in Ess Kay Fincorp

Our Bureau Mumbai | Updated on November 26, 2019 Published on November 26, 2019

Ess Kay Fincorp, a non-banking finance company, has raised $33 million (Rs 235 crore) in equity investment from existing investors TPG Growth, Norwest Venture Partners and Evolvence India.

“Since our last equity round, despite tight market conditions, we have continued to march towards our goal and capitalise on the platform built over the last 25 years by focusing on our niche and demonstrating the resilience of our business model. This equity infusion along with the right strategy will not only propel our growth but will also further cement our position in terms of our footprint, services and technology vis-a-vis competition,” Rajendra Setia, Managing Director and CEO of Ess Kay Fincorp said.

Prior to this, the company had raised three rounds of equity funding from investors with the first round in 2012, followed by a Rs 200 crore investment in December 2017 and Rs 300 crore round in October 2018.

Ess Kay Fincorp provides financing to commercial vehicle segment and small businesses in rural and semi-urban regions across North and West India.

The company was founded in 1994 by first-generation entrepreneur Rajendra Setia. At present, Ess Kay Fincorp has a presence at over 300 locations in Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Punjab and Haryana. It has move than 130,000 customers, employs more than 3,000 people and has a loan book of Rs 2,500 crore.

“We are pleased to see the significant progress being made by Ess Kay Fincorp since our initial investment in October 2018. We have great confidence in Ess Kay Fincorp’s leadership team and are delighted to make a significant follow-on investment in this round to support the company’s next phase of growth,” said Gaurav Trehan, Partner at TPG.

Published on November 26, 2019
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