Ess Kay Fincorp funding
Jaipur-based Ess Kay Fincorp Ltd., an NBFC announced that it has received an investment of INR 337Crore from Northwest Venture Partners, Evolvence, and TPG Group.
This is the third round of investment by TPG Growth after over 2 years, whereas the other two firms are investing for the fourth time. The three firms invested in a Series E round of funding besides promoter Rajendra Setia.
Ess Kay is an unlisted, used vehicle and SME financier. The latest round of investment tajes the total funds raised by the company to INR 1,000 crore to date from marquee investors. For this round of funding, Spark Capital is serving as an exclusive financial advisor to the company.
In the previous year, Ess Kay had raised $11.8 million in debt financing from Ability AG, a Swiss asset manager. Previously, in 2019, TPG Growth and Norwest Venture Partners along with Evolvence India had made an investment of $33 million in Ess Kay.
In early 2018, Norwest Venture Partners had led an INR 200 Crore funding round in Ess Kay. Ess Kay also has Blacksoil Capital, Baring Private Equity Partner India Ltd, and Northern Arc Capital, among other well-known names, as its chief investors.
Ess Kay is focused on providing financial aid to semi-urban and rural areas across North and North-West India. The firm was established by first-generation entrepreneur Rajendra Setia in 1994.
Ess Kay has operations across 350 branches in seven states including Gujarat, Rajasthan, Maharashtra. Madhya Pradesh, Haryana, and Punjab. It caters to more than 2.25 lakh low-income customers who require financial connectivity the most.
Ess Kay is empowering several individuals and businesses by providing them access to financial aid. The company has a huge customer base and will surely grow more in the coming time. My best wishes to the team of Ess Kay.Shishir Gupta, Founder and CEO, StartupLanes
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