IIFL’s PE arm invests $13.5m KadaiEshwar Housing Finance

IIFL India Private Equity Fund has invested Rs 100 crore ($13.5 million) in non-banking finance company KadaiEshwar (KE) Housing Finance, according to an official statement.

While the details of the deal were not disclosed a source-based report in The Economic Times stated that IIFL has acquired 75 per cent stake in the company.

“The funds raised in this round will help KE Housing Finance apply for a Housing Finance Company license from National Housing Bank, initiate operations, and establish a strong base over the next couple of years, targeting around 30 locations,” the company said.

As per the news report, The NBFC, which was founded by former Can Fin managing director C Ilango, is likely to hit the market by January 2019.

KE Housing Finance will focus primarily on low-income households with combined monthly family incomes of around Rs 25,000, starting with southern India, where Ilango has extensive on-ground experience, and gradually expanding into pan India.

Unitus Capital acted as the exclusive financial advisor to KE Housing Finance for this transaction.

Earlier this year, IIFL Asset Management Ltd (IIFL AMC) launched its latest fund, IIFL India Private Equity Fund, with a focus on backing professional entrepreneurs, and a target of raising around Rs1,500-2,000 crore.

Amit Shah, chief executive at IIFL Asset Management Business, had earlier said that the fund would focus on sectors such as financial services, consumer, healthcare and technology.

Another NBFC, Chokhani Securities, was recently reported to have raised Rs112 crore through a qualified institutional placement (QIP). The company, which was acquired by former Religare Enterprises CEO Shachindra Nath last December, will start its lending operations from January 2019. It will focus on select sectors and target small and medium enterprises.

Also Read:

IIFL AMC eyes up to $296.5m for new India PE fund

Former Religare CEO Shachindra Nath raises $142m for NBFC Chokhani Securities

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.