India Digest: Northern Arc Capital raises $25m, LC  Nueva  marks 2nd close of debut fund

Debt financier Northern Arc Capital on Thursday said it has raised $25 million in external commercial borrowings (ECB) from AFD Group’s private sector financing arm, Proparco. Separately, LC Nueva Investment Partners has marked the second close of its debut fund at $40 million, raising the total targeted corpus, according to VCCircle.

Northern Arc Capital raises $25m ECBs

Northern Arc Capital, a Chennai-based debt financier, on Thursday said it has raised $25 million in external commercial borrowings (ECB) from AFD Group’s private sector financing arm, Proparco.

The funding will be used to serve MSMEs and women entrepreneurs. It will also be deployed to provide differentiated credit solutions to these customers both directly and through partners, the company said in a statement.

Over the last three years, Northern Arc has raised funds from a spectrum of reputed international investors, including USDFC, ADB, FMO, Calvert Impact Capital and JICA.

LC  Nueva  marks 2nd close of debut fund

LC Nueva Investment Partners has marked the second close of its debut fund at $40 million, raising the total targeted corpus already, according to VCCircle.

The VC firm, floated by Singapore-based Lighthouse Canton and Delhi-based Nueva Capital, is in talks with large institutional investors for more capital for the LC Nueva Alternative Investment Fund (AIF), Sumegh Bhatia, chief executive and managing director at Lighthouse Canton, India, told VCCircle.

The venture capital firm has applied for an extension of the fund with the market regulator.

In April, LC Nueva marked the fund’s first close and will have the final close of the fund as soon as the institutional investors are onboarded.

 

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

You have 3 free stories remaining for the month. Register to continue reading our content