Private equity fund Norwest on Thursday announced that it has led a Rs 1,465-crore investment in the Hyderabad-based non-bank lender IKF Finance. The investment includes both primary share issuances and also secondary transactions, according to a statement. Norwest has led the round with a USD 100 million or about Rs 850 crore investment, it said.
The company, founded in 1991, operates in nine states, offering secured retail loans and credit for small businesses. It also gives loans against property and affordable home finance through a home finance subsidiary. It had a loan book of Rs 6,700 crore as of March 2025.
The company is backed by Accion and its limited partners, it said, adding that existing investor Motilal Oswal PE has also invested in the current round.
"This is our largest fundraise to date and a key milestone in our journey to expand access to inclusive, flexible financial solutions for underserved communities," the company's founder and chairman VGK Prasad said.
The company will accelerate financing, and invest in distribution, technology, and people, its managing director K Vasumathi Devi said.
"Backed by an experienced leadership team, strong governance, and a consistent track record, IKF is well positioned to continue meeting the needs of Indian borrowers," head of Norwest India Niren Shah said.
The company, founded in 1991, operates in nine states, offering secured retail loans and credit for small businesses. It also gives loans against property and affordable home finance through a home finance subsidiary. It had a loan book of Rs 6,700 crore as of March 2025.
The company is backed by Accion and its limited partners, it said, adding that existing investor Motilal Oswal PE has also invested in the current round.
"This is our largest fundraise to date and a key milestone in our journey to expand access to inclusive, flexible financial solutions for underserved communities," the company's founder and chairman VGK Prasad said.
The company will accelerate financing, and invest in distribution, technology, and people, its managing director K Vasumathi Devi said.
"Backed by an experienced leadership team, strong governance, and a consistent track record, IKF is well positioned to continue meeting the needs of Indian borrowers," head of Norwest India Niren Shah said.
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