Kirloskar Group's NBFC aims to add Rs 800 crore to AUM by March 2024

Arka Fincap, a non-bank lender promoted by the Kirloskar Group, on Tuesday said it is aiming to add another Rs 800 crore to its Assets Under Management (AUM) by March 2024.

The shadow bank, which announced its plans to raise up to Rs 300 crore from a non-convertible debentures issue, will be focusing on lending to small businesses going forward, according to a statement.

Its AUM currently stands at Rs 4,200 crore and the NBFC is aiming to close FY24 with an AUM of Rs 5,000 crore, the statement said.

Further, it said the company plans to open 10 more branches by March to take its overall network to 40 branches, and will be adding about 175 employees to take its overall staff size to 500 by March 2024.

Kirloskar group had infused Rs 1,000 crore into the NBFC commenced operations in 2019.

It is offering coupons of up to 10 per cent on the NCDs, the statement said, adding that the NCDs come in three tenors of 24 months, 36 months and 60 months.