DMI Finance, a non-banking financial company (NBFC), has raised nearly $152 million (Rs 1,455) crore through the issuance of secured, listed non-convertible debentures (NCDs) via private placement, according to a company announcement.
The issuance received aggregate bids worth Rs 1,630 crore and saw participation from a diverse set of investors, including mutual funds, alternative investment funds (AIFs), primary dealers, corporates and family offices, the company said in a statement on Wednesday.
The participation further broadened DMI Finance’s access to the debt capital markets, it said.
The proceeds will be used to support the growth of DMI Finance’s lending portfolio and meet the company’s funding requirements, the statement added.
“As we scale our business, maintaining a diversified and resilient funding profile remains an important priority for us. The capital raised will support our ability to meet the evolving credit needs of our customers while maintaining a disciplined approach to growth and risk management,” said Shivashish Chatterjee, Co-founder & Managing Director, DMI Finance.
Founded in 2008, DMI Finance is a digital-first non-banking financial company (NBFC) that offers consumption, personal and MSME loans. The company uses technology across the lending lifecycle, including customer acquisition, underwriting, customer service, and collections, to provide financial products to customers across India.
The transaction is part of DMI Finance’s efforts to diversify its funding sources and strengthen its engagement with capital market investors. The company continues to raise capital through banks, financial institutions and debt capital markets to support the growth of its lending business.
Headquartered in Delhi, DMI Finance claims to have served more than 25 million customers.
Morgan Stanley was consulted on the structuring of the issuance.
