DMI Finance raises $47 mn in equity investment from Sumitomo Mitsui, others

Delhi-based DMI Finance Private Ltd (DMI Finance) has raised $47 million (Rs 352 crore) in equity investment from Sumitomo Mitsui Trust Bank Ltd and others to support business growth plans.

DMI Finance, lender since 2009, is the non-banking financial company of the DMI Group. The equity raised by DMI Finance takes its total equity base to $ 500 million. SuMi TRUST Bank joins existing investors in DMI Finance, including New Investment Solutions and NXC Corporation.

DMI, in a statement, said it has a full-stack digital lending and loan life cycle management platform. And has a pan-India customer base of over 6 million which is expected to grow at least 10% month-on-month through 2022. DMI has lending partnerships with over 25 businesses, including category-defining partnerships with Samsung and Reliance Retail. Its products include personal loans, lines of credit, BNPL, OEM financing, and MSME loans.

SuMi Trust Bank is Japan's largest trust bank with JPY 224 trillion ($1.95 trillion) of custody assets and JPY 87 trillion ($760 billion) of assets under management. SuMi TRUST Bank provides a wide range of services concerning commercial bank business, asset management and administration, and disposal of assets, with trustee business.