India-based financial services firm Fincare Business Services closed a Rs 5bn ($75m) funding round on Tuesday that featured Tata Opportunities Fund, the private equity arm of industrial conglomerate Tata.
Insurance providers Kotak Mahindra Old Mutual Life Insurance and Edelweiss Tokio Life Insurance also contributed to the round, as did government-backed financial institution Small Industries Development Bank of India, TA Associates, True North, LeapFrog Investments and unnamed additional investors.
The transaction is made up of primary and secondary commitments, though details of precise amounts have not been revealed. Indium, a solder products and paste supplier that first invested in 2010, will remain a shareholder alongside Fincare’s management and promoters.
Founded in 2014, Fincare acts as a holding firm for a range of pre-existing financial services businesses that provide microfinance services to emerging consumers. Its subsidiaries include Disha Microfin, Future Financial Services and Lok Management Services.
The funding will support accelerated growth efforts by building out Fincare’s infrastructure. The company has not revealed additional details about previous funding rounds.