DMI Finance raises $400 million in equity investment led by Mitsubishi UFJ Financial Group
- ByStartupStory | April 3, 2023
DMI Finance Pvt. Ltd. has concluded an investment round worth $400 million, with Mitsubishi UFJ Financial Group leading the funding round. The band also included existing investors Sumitomo Mitsui Trust Bank. The New Delhi-based firm specializes in digital lending, providing personal, MSME, and consumer loans. The firm uses technology to optimize sales, customer service, underwriting, and collections.
“For MUFG, Asia is a significantly important and second home market, and India is one of our most expected growing markets with the rapid population growth and foundation of digital infrastructure, showing a strong trend and potential of expansion on digital financial services to the unbanked customers,” said Masashige Nakazono, Managing Director, Head of Global Commercial Banking Planning Division of MUFG Bank.
DMI Finance, established in 2008, employs various digital platforms, including Samsung, Google Pay, and Airtel, to source and manage its clients in India. The company claims to have a broad reach in India, covering almost all pin codes and serving a customer base of 25 million, which is predicted to rise to 40 million by FY24. It aims to distribute over $2.5 billion among its products by FY24.
Yuvraja C Singh, Co-founder and Joint Managing Director of DMI Finance, said, “There is a large underserved population when it comes to financial services in India, and our goal is to promote financial inclusion and support this market… We feel that MUFG and SuMi TRUST Bank are our perfect investors.”
“We are confident that DMI’s digital financial services, which organically combine fintech and last-mile reach capabilities, will continue to contribute significantly to India’s growth and that DMI itself will achieve further growth,” said Masaya Noda, Managing Executive Officer of SuMi TRUST Bank.
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