MUMBAI, April 5 (PTI): Motilal Oswal Alternatives (MOA) on Wednesday said its investee company IKF Finance has raised Rs 250 crore in a funding round led by Accion’s Digital Transformation Fund.
The south-based non-bank lender has been operational since the 1990s and focuses on the commercial vehicle, small business and affordable housing segments. MOA had invested in the company in 2015.
Accion led the funding round by investing Rs 120 crore, while the rest was from other investors, including high-net-worth individuals and family offices.
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The company’s overall assets under management were Rs 3,200 crore on a consolidated basis, and has 200 branches in Andhra Pradesh, Telangana, Gujarat, Tamil Nadu, Maharashtra and Rajasthan, the statement said.
The company’s promoter and managing director Vasumathi Koganti said in the last few years since MOA’s investment, it has undertaken a transformation exercise aimed at delivering best-in-class growth and profitability, and will be relying more on digital technologies going forward.
Vasantha, the promoter and managing director of its housing finance arm which has Rs 700 crore of AUM, said the capital infusion will help its growth ambitions, and added that the business could be as large as the vehicle finance business very soon.
