Jaipur based non-banking financial company SK Finance, formerly Ess Kay Fincorp, has raised about $53 million (Rs 400 crore) in its Series F funding round IIFL Wealth and other new investors, it announced on Thursday.
With the latest capital raise, the company to date has cumulatively raised about Rs 1,400 crores from six investors, including TPG Growth, Norwest Venture Partners, Baring India, and Evolvence India Fund.
“The current investment will enable the company to continue its growth trajectory and further strengthen the leadership position built over the years. Our existing investors along with the new investors as well as our 55+ lending partners add tremendous strength to our balance sheet and growth plans, as we remain committed to creating value for all our stakeholders,” said Rajendra Setia, Managing Director and CEO of SK Finance.
SK Finance had raised Rs 337 crore in its Series E funding round from TPG Growth, Norwest Venture Partners, and Evolvence this May. The company had raised Rs 86 crore in debt funding from Swiss asset manager responsAbility AG last year.
SK Finance offers financing for five different product segments including commercial vehicles, agricultural and construction equipment, passenger vehicles, two wheelers and small business loans. The company is present across 10 states with a distribution network of 390 branches.
The company said it has continued to fare well both in terms of growth and asset quality, having delivered a loan book growth at 40%+ CAGR over the last seven years. As of September 30, 2021, SK Finance had an active borrower base of approximately 220,000 individuals and assets under management of approximately Rs4,100 crores.
Spark Capital acted as the financial adviser to the company on the latest fundraise.