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In the News

Wed, 27 Mar 2019 | The Times of India
The Times of India

Northern Arc raises $130mn from IIFL, Affirma Capital

Custom made debt financial platform Northern Arc Capital (formerly IFMR Capital), has raised Rs 910 crore or $130 million in equity in a combination of primary and secondary money, from a fund managed by IIFL and Affirma Capital, which doubles the networth to Rs 1,200 crore. As part of this transaction, early investors Dvara Trust, LeapFrog Investments and Accion will partially sell their stake in the company, but will however continue to stay significantly invested and remain bullish on the business. With this round of funding, the total equity raised by Northern Arc stands at Rs 1,400 crore ($200 million).

Affirma Capital, a newly formed, independent private equity firm to be managed by the team of Standard Chartered Private Equity (SCPE). TheStanchart arm, an existing inbvestor, has also invested in the company.Following this investment, Amit Mehta, Principal, IIFL Private Equity will join the board of the company.

“The capital will allow us to significantly scale-up the existing business and pursue new opportunities. We will continue to invest in product development and technology, building on our knowledge, geographical reach, field insights, data-analytics and risk-modelling,” said Kshama Fernandes, Managing Director, and CEO, Northern Arc Capital. The funding received now will take care of the capital requirements for the next 18-24 months, she said. “We are building a tech backbone which will use data a lot more powerfully than what is available now,” she added. Axis Capital, Credit Suisse and ICICI Securities acted as advisors to the transaction.