Hyderabad-based non-banking financial company (NBFC) IKF Finance has raised ₹1,465 crore (around $175 million) in a funding round led by Norwest Venture Partners, with participation from existing investor Motilal Oswal Alternates.
This marks the company’s largest fundraise, comprising primary capital infusion and secondary stake sales, IKF Finance said on May 15.
“This is our largest fundraise to date and a key milestone in our journey to expand access to inclusive, flexible financial solutions for underserved communities,” founder and chairman VGK Prasad said.
Moneycontrol was the first to report in February that IKF Finance was in advanced talks with Norwest and existing investors to raise a $70–80 million in primary capital.
The round was subsequently upsized, as institutional investors including Motilal Oswal Alternates, TIAA and Accion increased their stake in the company.
This culminated in the final closure at ₹1,465 crore (around $175 million), with Norwest contributing over $100 million alone.
