MUMBAI: Local financial services provider Indiabulls Ventures has raised Rs 2,000 crore (or $300 million) through a preferential share-sale to help expand its credit business.

Several bulge-bracket investors, including the Soros Fund, DFS Dragoneer, and Steadview Capital, are said to have bought those preference shares that can’t be sold in the next one year, two people familiar with the matter told ET. Some other investors include Valiant Capital, Chandler Corporation, Toscafund, and Think Investments.

Individual investors could not be contacted immediately for comments. An e-mail sent to Indiabulls remained unanswered until the publication of this report.

“The board of Indiabulls Ventures (IVL) held a meeting on Friday and has approved the fund raising from overseas investors,” said one of the persons cited above. In market parlance, it is known as a preferential issue of the company’s equity shares.

The subscription closed on Friday with the total demand for the issue reaching about Rs 3,000-3,200 crore.

Sources said that against an issue size of $ 300 Mn, the company had received an aggregate demand for $ 500 Mn.

Many of these investors are known for their successful bets in technology-enabled businesses. For example, DFS Dragoneer was an early investor in Alibaba, and Steadview Capital bought an early stake in Ola Cabs. Chandler Corporation, meanwhile, is one of the largest investors in the Indian financial space.

Last year, Indiabulls Ventures entered the micro, small and medium enterprise lending business through its wholly owned subsidiary IVL Finance Limited (IVLFL) that has a loan book of more than Rs 4,000 crore.

IVL Finance, formerly known as Shivshakti Financial Services, is a non-deposit taking NBFC registered with the central bank and a 100% subsidiary of Indiabulls Ventures.

In the past one month, Indiabulls Ventures shares surged 83% to close at Rs 488.45 Friday.

A few days earlier, the company said in an exchange platform that its board would meet to consider a preferential issue of equity shares.