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IPO-bound NBFC Northern Arc raises $80 mn from IFC

VCCircle

VCCircle · 1y ago

IPO-bound NBFC Northern Arc raises $80 mn from IFC

Chennai-based non-banking lender Northern Arc has raised $80 million, with $40 million in equity and $40 million in debt, from the International Finance Corporation (IFC), the investment arm of the World Bank Group. The funds will be used for expansion and improving customer reach. Northern Arc, which focuses on financial inclusion, plans to raise an additional $75 million from another foreign institution. The company offers microfinance, MSME finance, affordable housing finance, vehicle finance, consumer finance, and agriculture supply chain finance. Its assets under management stood at INR 10,081 crore ($1.34 billion) as of September 2023.

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IPO-Bound Northern Arc Bags $75 Mn Debt From Dutch FMO

Inc42 · 1y ago

IPO-Bound Northern Arc Bags $75 Mn Debt From Dutch FMO

Northern Arc, a non-banking financial company (NBFC), has raised funds by issuing non-convertible debentures to the Dutch entrepreneurial development bank. The company intends to use the funds for retail microloans, MSME loans, and green loans. Northern Arc reported a revenue of INR 1,890 Cr and profits of INR 317.69 Cr for FY24, marking a growth of 44%.

SEBI clears Northern Arc for IPO while putting SK Finance on hold

VCCircle

VCCircle · 1y ago

SEBI clears Northern Arc for IPO while putting SK Finance on hold

Northern Arc Capital has been given the green light by SEBI for its initial public offering (IPO), while the IPO plans of SK Finance have been put on hold by the regulator. Northern Arc Capital is a non-banking financing company with investors including Leapfrog, Eight Roads, and 360 One. The approval from SEBI allows Northern Arc Capital to move forward with its IPO plans. However, SK Finance, another private equity-backed NBFC, will have to wait for further clarification from the regulator.

IPO-bound Northern Arc set to secure capital from offshore backer

VCCircle

VCCircle · 1y ago

IPO-bound Northern Arc set to secure capital from offshore backer

Northern Arc Capital, a non-banking finance company, is reportedly set to secure additional capital from a foreign institution that has previously backed the company. The Chennai-based company, whose shareholders include LeapFrog and Accion, has filed draft documents for an initial public offering (IPO) and is looking to raise capital. Northern Arc focuses on providing financial services to underserved segments in India. The new capital infusion from the offshore backer is expected to support the company's growth plans.

Exclusive: KreditBee Subsidiary KB NBFC Raises $32 Mn In Debt Funding

Inc42 · 1y ago

Exclusive: KreditBee Subsidiary KB NBFC Raises $32 Mn In Debt Funding

KB NBFC has secured debt funding from Yubi, Dzerv, Neo Group, OfBusiness, SK Finance, and Oxyzo. As a lending partner of KreditBee, KB NBFC joins other partners such as Incred Finance, Vivriti Capital, Northern Arc, and Pay U Finance. KreditBee previously raised $9.4 million in its extended Series D funding round from Advent International, MUFG Bank, and Premji Invest.

Northern Arc Capital's Rs 500 Cr IPO to open on September 16

YourStory

YourStory · 11m ago

Northern Arc Capital's Rs 500 Cr IPO to open on September 16

Non-bank financial institution Northern Arc plans to go public with its Initial Public Offering (IPO) on September 16. The IPO consists of a fresh issue of shares worth Rs 500 crore and an Offer for Sale (OFS) of up to 1.05 crore equity shares by existing shareholders. The Chennai-based company aims to raise funds to meet future capital requirements for lending. Registered with the RBI, Northern Arc is a non-deposit taking NBFC operating in the financial inclusion sector. The IPO was initially planned for July 2021 but was postponed. ICICI Securities, Axis Capital, and Citigroup Global Markets India will manage the book-running.

Northern Arc Capital raises Rs 229 Cr from anchor investors pre-IPO

YourStory

YourStory · 10m ago

Northern Arc Capital raises Rs 229 Cr from anchor investors pre-IPO

Non-bank financial institution Northern Arc Capital has raised Rs 229 crore ($31 million) from anchor investors ahead of its upcoming initial public offering (IPO). The funds were collected by issuing over 87 lakh equity shares at Rs 263 each to anchor investors including SBI General Insurance, Kotak Mahindra Life Insurance, and Goldman Sachs. Northern Arc Capital's IPO, which consists of a fresh issue of equity shares worth Rs 500 crore and an offer for sale of up to Rs 277 crore, is set to open for public subscription on September 16.

Exclusive: Logistics & Distribution Startup Ripplr To Raise $4.7 Mn Debt From Northern Arc

Inc42 · 1y ago

Exclusive: Logistics & Distribution Startup Ripplr To Raise $4.7 Mn Debt From Northern Arc

Bengaluru-based startup Ripplr is raising INR 40 Cr ($4.7 Mn) in debt from IPO-bound Northern Arc. This comes after the company raised INR 6 Cr in debt from venture debt firm Trifecta Capital last month. The funding round is expected to consist of 400 non-convertible debentures (NCDs). Ripplr previously raised $40 Mn in a Series B funding round in May 2020.

Northern Arc Gets $65 Mn Debt Commitment For Maiden Climate Fund

Inc42 · 9m ago

Northern Arc Gets $65 Mn Debt Commitment For Maiden Climate Fund

Northern Arc, a financial institution based in GIFT City, has secured $65 million in debt commitments. The funds come from the US DFC, contributing $50 million, and Austria's OeEB, contributing $15 million. The climate fund will primarily focus on providing debt financing for solar energy, green buildings, and sustainable agriculture companies. This announcement follows Northern Arc's recent launch of a ₹1,500 crore (approximately $202 million) AIF with a ₹500 crore green shoe option.

Fintech Startup Propelld’s NBFC Edgro Raises $25 Mn In Maiden Debt Round

Inc42 · 1y ago

Fintech Startup Propelld’s NBFC Edgro Raises $25 Mn In Maiden Debt Round

Education-focused fintech startup Propelld has raised $25m in debt funding for its non-banking financial company (NBFC), Edgro Finance. The funding will enable Edgro to offer education loans. The round saw participation from nine lenders, including Credit Saison India, AU Small Finance Bank, InCred Financial Services and Northern Arc Capital. Propelld, founded in 2019, provides education loans to borrowers through its online channel. The startup assesses the eligibility of students for a loan based on their learning capabilities and employment potential. Propelld has lending partnerships with Avanse Financial Services, Aditya Birla Capital and JM Financial.

IPO-bound Infra.Market raises fresh capital after mopping up over $120 mn

VCCircle

VCCircle · 2m ago

IPO-bound Infra.Market raises fresh capital after mopping up over $120 mn

Building materials platform Infra.Market has secured fresh equity capital ahead of its planned IPO, following a pre-IPO funding round that valued the company at $2.8 billion. The Mumbai-based company, operated by Hella Infra Market Ltd, managed to raise over $120 million.

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