India: Ambit's NBFC unit raises $83m from Japan's Daiwa, others

India: Ambit's NBFC unit raises $83m from Japan's Daiwa, others

Ambit Group CEO Ashok Wadhwa

Ambit Finvest Pvt. Ltd., a non-banking financial company (NBFC) under the Ambit Group, on Tuesday said it has raised Rs 690 crore ($83 million) from Japanese brokerage and investment bank Daiwa Securities Group, its parent company, and existing investors.

Of the Rs 690 crore, Daiwa invested Rs 415 crore for a minority stake in the firm, while the rest came from its parent company and existing investors.

In May 2023, Ambit and Daiwa renewed a business partnership wherein they would collaborate to service global clients for institutional equities as well as the equity capital markets (IPO, public fund-raising & other related) business, leveraging the Indo-Japan corridor.

Since 2018, Ambit Finvest claims to have helped 68,000+ MSME business owners across industries and disbursed over Rs 6,000+ crore worth of loans since its inception. It currently has an AUM of Rs 3,800+ crore and a wide footprint across 11 states through its 165+ branches.

“We see India as a strategically important country which is expected to experience high economic growth in the coming years. We have been conducting business in India through our long-term partnership with Ambit Group,” Seiji Nakata, President and CEO of Daiwa, said.

Ambit Finvest has been investing heavily in branch infrastructure and technology over the past couple of years, providing secured
and unsecured business loans as well as used vehicle loans to small and medium-sized enterprises (MSMEs) in India.

Edited by: Joymitra Rai

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