TVS Credit Services Secures Rs 480 Crore Funding from Premji Invest
- ByStartupStory | June 12, 2023
TVS Credit Services, a non-banking finance company, announced that it has secured Rs 480 crore in equity capital from Premji Invest. This funding will support TVS Credit’s growth strategy, including its digital transformation efforts. As part of the deal, Premji Invest, the investment division of Azim Premji’s endowment linked to Wipro, will acquire a 9.7% equity stake in TVS Credit for Rs 737 crore. The investment will be made through a combination of primary and secondary investments.
The raised primary capital will be used by TVS Credit to enhance its customer base in new markets, expand the channel partner network, and advance its digitalization process. TVS Credit Services aims to expedite its goal of meeting the aspirations of a burgeoning India by offering convenient financing solutions, according to a statement by the company.
“TVS Credit has demonstrated exceptional performance, achieving robust and profitable growth. Within a short span of time, our company’s Assets Under Management have surpassed Rs 20,000 crore supported by a strong balance sheet,” TVS Credit Chairman Sudarshan Venu said.
“With their deep understanding of the Indian consumer landscape and the financial services industry, Premji Invest will bring strategic value and expedite our growth plans,” Venu said.
Premji Invest’s CEO and managing partner TK Kurien said: “We are delighted to partner with TVS Credit in their journey to drive financial inclusion by providing easier access to a range of affordable and innovative financial products.”
“TVS Credit proposes to leverage technology and digital partnerships through an omnichannel approach to widen its customer base and to significantly reduce the friction involved in traditional financing,” Kurien said.
“We are confident that the company, given its parentage, will achieve great success and continue to build significant value for all stakeholders,” he added. Nomura Financial Advisory and JM Financial acted as financial advisors while Khaitan and Co acted as legal advisors on the transaction.
Follow Startup Story
Related Posts
