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Symbiotics leads $18 Mn debt round in Dugar Finance

EntrackrEntrackr · 2d ago
Symbiotics leads $18 Mn debt round in Dugar Finance
Medial

Symbiotics leads $18 Mn debt round in Dugar Finance Dugar Finance, an impact-led secured MSME lender, has raised $18 million (about Rs 160 crore) in a debt funding round led by Swiss-based investor Symbiotics, with participation from leading Indian banks including Union Bank of India, Karur Vysya Bank, Indian Overseas Bank, Tamilnad Mercantile Bank, and STCI Finance among others. Symbiotics contributed $5.5 million in this round. It had previously raised $3 million in debt from the $75-million Green Basket Bond issued by Symbiotics Investments back in June this year. The fresh funds will be allocated to strengthen its secured MSME lending and support its expansion into Tier-2 to Tier-6 markets across India, Dugar Finance said in a press release. Led by Ramesh Dugar, Dugar Finance is an impact-focused, non-deposit-taking NBFC operating across multiple states in India with a strong presence in tier 3 and tier 4 markets. The company specializes in secured MSME and commercial vehicle financing aimed at income generation, supporting micro-entrepreneurs, small businesses, and first-time commercial vehicle drivers who remain underserved by formal credit. Dugar Finance focuses on disciplined underwriting, strong governance, and prudent risk management, and it aims to continue to deepen its institutional lender relationships. It is emphasized on building a resilient, scalable lending platform designed to support long-term economic activity in India’s growth corridors. The Chennai-based company currently operates across six states, serving semi-urban and rural customers. Its portfolio includes income-generating secured MSME loans and commercial vehicle loans, supporting micro-entrepreneurs, small businesses, and first-time commercial vehicle drivers. It aims to scale more than 75 branches and Rs 600 crore AUM by FY27 and Rs 2,000 crore AUM by FY29, while maintaining its strong financial performance, including an RoA of above 4% and Gross NPAs below 2%.

Docon offloads 10% stake in Thyrocare for Rs 668 Cr

EntrackrEntrackr · 2m ago
Docon offloads 10% stake in Thyrocare for Rs 668 Cr
Medial

Docon Technologies Pvt Ltd, a promoter entity of Thyrocare Technologies, has sold 53.33 lakh equity shares representing around 10% of the company’s total paid-up capital through open market transactions on October 24, 2025. The sale was valued at Rs 667.7 crore at an average price of Rs 1,252 per share, according to a stock exchange filing. Following the transaction, Docon’s shareholding in Thyrocare has come down from 71% to 61% and continues to remain a promoter of the diagnostics chain with 3.2 crore shares. The block sale saw strong participation from domestic mutual funds. Among the key buyers were ICICI Prudential Mutual Fund, which purchased 17.49 lakh shares worth Rs 218.9 crore, and Aditya Birla Sun Life Mutual Fund, which picked up 10.33 lakh shares for Rs 129.3 crore. Other prominent investors included HSBC Mutual Fund Midcap Fund (6.66 lakh shares for Rs 83.4 crore), HDFC Mutual Fund (4.44 lakh shares for Rs 55.5 crore), and Eastspring Investments India Consumer Equity Open Limited (3.19 lakh shares for Rs 40 crore). The stake sale comes on the back of leadership transition within the PharmEasy-Thyrocare group. In August 2025, PharmEasy’s co-founder and CEO Siddharth Shah stepped down from his executive role to become the company’s Vice Chairman, while Thyrocare’s chief Rahul Guha was elevated as the new MD and CEO of API Holdings, the parent entity of PharmEasy and Thyrocare. Guha continues to lead Thyrocare alongside his expanded responsibilities at API. Thyrocare recently announced its financial numbers for the second quarter of the ongoing fiscal year FY26, posting a strong performance in the quarter. The company’s revenue from operations grew 22% year-on-year (YoY) to Rs 216.5 crore in Q2 FY26 from Rs 177.36 crore in Q2 FY25. Thyrocare’s profit jumped 81% YoY to Rs 47.9 crore in Q2 FY26, compared to Rs 26.4 crore in the corresponding quarter last year. For the first half of FY26, the company recorded a net profit that grew 71% to Rs 86.1 crore from Rs 50.4 crore in H1 FY25.

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