India: Avanse Financial raises $49m from existing investors Warburg Pincus, IFC

India: Avanse Financial raises $49m from existing investors Warburg Pincus, IFC

Photo: Pixabay

India’s education-focused non-banking financial company (NBFC), Avanse Financial Services Ltd, on Wednesday announced that it has secured about $49 million (Rs 390 crore) from existing shareholders — Warburg Pincus, a global private equity firm; and International Finance Corporation (IFC), a part of the World Bank group — through a rights issue.

The contribution percentage of the investment is as per Warburg and IFC’s existing shareholding pattern — 80% and 20%, respectively — Avanse said in a statement. Warburg has routed the investment through its affiliate Olive Vine Investment Ltd.

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