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| UPDATE:NVP invests over Rs 120-cr in Shriram City, owns 8% stake |
| Press Trust of India / Mumbai Jul 15, 2009, 17:16 IST |
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Norwest Venture Partners (NVP), today said that it has invested over Rs 120-crore into Shriram City Union Finance Limited through a secondary-market block purchase of shares in the company.
As a result, NVP will own an equity stake of over 8 per cent in Shriram City, the retail finance arm of the Shriram Group, a press release issued here said.
NVP is a global, multi-stage investment firm that makes early-to-late-stage venture and growth equity investments across a wide range of sectors including technology, financial services and infrastructure.
NVP India's Managing Director, Niran Shah, said that "through its comprehensive and diversified range of product offerings, combined with its nation-wide presence across India serving over 1.5-million customers, Shriram City has become one of the leading players in this market."
According to him, the size of the consumer finance market was expected to grow significantly over the next 4-5-years in the country.
"Shriram City is extremely well-regarded in the industry and has a proven track-record and expertise in the financial sector to capitalise on this vast macro-opportunity," Shah added.
Shriram City is a part of the Chennai-based Shriram group and is today one of the country's leading financial services company, specialising in small-ticket retail finance.
Over the last couple of years, various private equity investors like Asia Bridge, Bessemer, Cambridge, Chrys Capital, Merrill Lynch, ICICI Ventures and TPG Capital, have invested in the company.
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