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[Funding News] Northern Arc Capital Secures Rs 229 Cr Funding from Anchor Investors

By Team VS
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Northern Arc Capital, a non-banking lender headquartered in Chennai, has received Rs 229 crore from prominent anchor investors in anticipation of its forthcoming initial public offering (IPO).

15 entities were allocated 87.02 lakh equity shares by Northern Arc at a price of Rs 263 per share, which is the upper limit of the price band, as indicated by a circular posted on the Bombay Stock Exchange (BSE).

Reliance General Insurance Company, Goldman Sachs (Singapore) Pte, Kotak Mahindra Life Insurance Company, SBI General Insurance Company, SBI Life Insurance Company, Societe Generale, and Quant Mutual Fund are among the notable investors in this transaction.

Northern Arc will prioritize the provision of future capital requirements, particularly to facilitate onward lending, with the funds it has raised.

The organization has been actively engaged in the provision of credit to underprivileged households and businesses throughout India. Its lending portfolio is diversified, encompassing sectors such as microfinance, MSME finance, consumer finance, vehicle finance, and agriculture finance.

Read also - Top 10 Funding Wrap of the Week – September 9 – September 13, 2024

Earlier this year, the Dutch entrepreneurial development bank FMO invested $75 million in the company through non-convertible debentures. In April, the World Bank's International Finance Corporation (IFC) provided a $80 million round of funding. The company has a distinguished history of raising funds.

About Northern Arc

Founded in 2008 by Ashish Mehrotra, Northern Arc is a diversified financial services platform set up primarily with the mission of catering to the diverse retail credit requirements of the under-served households and businesses in India.

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New Update
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The Top Indian Startups Funding Roundup of This Week

Bain Capital

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Zepto

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HealthKart

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VoloFin

VoloFin a supply chain finance firm located in Singapore has raised $50 million in a new fundraising round from a top-five global bank in the US that wants to be anonymous because of a non-disclosure agreement.

Zopper 

Zopper is an insurtech firm based in Delhi NCR, has raised $25 million (about INR 211.2 crore) in a Series D funding round headed by Elevation Capital and Dharana Capital, with Blume Ventures, an existing investor, also participating. 

OneCell Diagnostics

Cancer diagnostics startup OneCell Diagnostics has raised $16 million in Series A funding, led by Celesta Capital, with participation from Tenacity Ventures, Cedars Sinai, Eragon, and Singularity Ventures.

KGeN

Kratos Gamer Network (KGeN), a decentralized gaming platform, has raised $10 million in funding led by Aptos Labs. Polygon and Game7 also participated in the round, increasing KGeN’s valuation to $500 million, up from $150 million in February 2023.

Locad 

Locad is an e-commerce logistics business, has secured $9 million (about INR 76 crore) in a pre-series B investment round headed by Reefknot Investments and Global Ventures.

Billion Hearts

Former Koo Co-founder Mayank Bidawatka’s new venture, Billion Hearts Software Technologies Pvt Ltd, has raised $4 million in seed funding. The round was led by Blume Ventures with participation from General Catalyst and Athera Venture Partners.

CredFlow

A pre-Series B funding round headed by two of CredFlow's current investors, Inflexor Ventures and a Singaporean family office, has collected $3.7 million (about Rs 31.2 crore) for the fintech business.

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Bain Capital , Zepto , HealthKart , VoloFin , Zopper , OneCell Diagnostics , KGeN , Locad , Billion Hearts , CredFlow , are The Top Indian Startup Funding Roundup in This Week (18 November - 22 November, 2024 )

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Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Funding News: Stay updated with the latest news and trends in startup funding and investment.

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