PE-backed Fincare Small Finance Bank eyes Rs 100 billion assets by FY21

Several financial institutions, including SIDBI, Kotak Mahindra Life Insurance and Edelweiss Tokio Life Insurance have also invested in the lender

Private equity-backed Fincare Small Finance Bank (Fincare SFB) has set a target to reach assets worth Rs 100 billion, with 200 large and 700-800 small branches by 2020-21.

Rajeev Yadav, the lender’s managing director and chief executive officer, said as of January, the company had a loan book of Rs 18 billion and had raised deposits worth Rs 6 billion. The lender had commenced its banking operations in July 2017.

“Currently, we have the capital for growth. Our next round of fundraising will be through an initial public offering (IPO),” Yadav said, adding that it would be done before 2020. The lender