Media - News

In the News

Thu, 28 Mar 2019 | The Economic Times
The Economic Times

Northern Arc raises Rs 910 cr from IIFL fund & two others

Northern Arc Capital, debt capital platform for non-banking finance companies and financial institutions on Tuesday raised Rs 910 crore from IIFLNSE -0.01 % Special Opportunities Fund, Standard Chartered Private Equity and Affirma Capital.

Affirma Capital is a newly formed independent private equity firm managed by team at Standard Chartered Private Equity. Axis Capital, Credit Suisse and ICICI Securities acted as advisors to the transaction.

With this round of funding, the total equity raised by Northern Arc stands at Rs 1,400 crore and doubles the net worth of the company. “All investors will remain minority shareholders and the company will be board-managed as per the recent restructuring,” said Kshama Fernandes managing director and CEO of Northern Arc Capital. “Funds will be used to expand existing business lines, grow footprint across emerging sectors, and invest in product development and technology.”

In this round, early investors Dvara Trust, LeapFrog Investments and Accion will partially sell their stake in the company, said Fernandes. However, she said they will continue to stay significantly invested and remain bullish on the business.