NBFC firm Home Credit India Finance today said it has raised over Rs 600 crore in January-March period to support business growth.
"The funds will be primarily utilised for supporting the rapid growth of business and expanding operations across India. Of the total amount raised, nearly Rs 280 crore has been raised through securitisation of consumer durables and cross-sell personal loans. The balance financing of Rs 320 crore has been raised through multiple term loans and a NCD," Home Credit said in a statement.
The securitisation issues were subscribed by investors like DCB Bank and Hinduja Leyland Finance Limited, while term loans were raised from a clutch of leading financial institutions such as IFMR Capital, Tata Capital and JM Financial.
"The tenor of these transactions ranges from 5 months to 3 years. With this round of funding, Home Credit India plans to augment its loan book, invest in technology infrastructure, and develop innovative financing products that broadens financial inclusion and positions the company as a global fintech player," the statement said.
Home Credit India has a customer base of over 6 million as of date.
In 2017, Home Credit had raised nearly Rs 87 crore through two 2-wheeler loan securitisation transactions and also raised Rs 153 crore through a consumer durables loan securitisation in November last year, the firm said.
"In 2017, Home Credit delivered strong new loan volumes across APAC, including 216 per cent growth in India, 180 per cent growth in Indonesia and a 220 per cent increase in the Philippines," the statement said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)