Finova Capital secures Rs 1,135 crore in fresh funding from Avataar Venture Partners, Sofina, Madison India and others
Finova Capital has secured $135 million (about Rs 1,135 crore) in a fresh funding round led by Avataar Venture Partners, Sofina and Madison India Capital, with existing investor Norwest Venture Partners also participating, the Jaipur-based company said on Tuesday.
The new investors join existing shareholders Peak XV Partners, Faering Capital and Maj Invest. The round provided partial exit to some of the early investors, the company said.
The transaction marks business-to-business focused growth-stage fund Avataar Venture Partners’ first investment in the financial services sector in India.
Bengaluru-based Unitus Capital acted as the exclusive financial transaction advisor to Finova Capital.
The small enterprise focused lender plans to use the funds to expand its loan book, invest in technology and enter new markets.
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