Daiwa Securities to pick up minority stake in Ambit's arm Ambit Finvest
Daiwa Securities Group will acquire a minority stake in Ambit Finvest, an NBFC subsidiary of the Ambit Group.
Ambit and Daiwa aim to seize the growth opportunities in the expanding Indian NBFC sector to contribute to the acceleration of financial inclusion.
Historically, Ambit has had a longstanding association with Daiwa, which has led to a strong relationship. Last year in May, Ambit had partnered Daiwa for a business partnership, wherein both firms would collaborate to service global clients for institutional equities, as also for the equity capital markets business, leveraging the Indo-Japan corridor.
Ambit Finvest has been investing heavily in branch infrastructure and technology over the past couple of years, providing secured and unsecured business loans, as well as used vehicle loans, to small and medium-sized enterprises (MSMEs) in India.
It has achieved rapid growth in recent years by promoting digital transformation and leveraging its diversified geographical presence across India.
«We are truly pleased to deepen our partnership with Daiwa. Despite being a major driver of the Indian economy, MSMEs need greater access to formal credit and Ambit Finvest has been working towards meeting their credit requirements. It is now at the cusp of a breakout in its business trajectory and we are delighted to invite Daiwa as a long-term strategic investor to participate in this journey,» said Ashok Wadhwa, Group CEO, Ambit.
«With this new opportunity to invest in Ambit Finvest, which is developing its high-growth
