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Global private equity firm TPG has led a ₹685 crore in Chennai-based Five Star Business Finance Ltd, which lends to small businesses. Existing investors Norwest Venture Partners, an investment fund managed by Morgan Stanley and Sequoia Capital have participated in this funding round.
The company’s first investor Matrix Partners continues to stay invested in the company. Five Star’s customers include small businesses vegetable vendors, provision stores, food retailers and self-employed individuals. Five Star manages about ₹1,200 crore in assets across more than 150 branches in south India.
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