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SoftBank invests Rs 2,800 cr in IndiaBulls Housing-backed OakNorth Bank

With this, total equity capital of Oak North bank, a British banking start-up, will rise to Rs 7,000 crore

Subrata Panda  |  Mumbai 

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SoftBank, a Japanese conglomerate, has invested Rs 2,800 crore in UK-based Oak North Bank, in which has a significant stake.

With this investment, the total of Oak North bank, a British banking start-up, will increase to Rs 7,000 crore.

Apart from and SoftBank, has Clermont, Coltrane, Dascoli, Toscafund and Government of Singapore as other large investors.

IndiaBulls Housing Finance, in October 2015, acquired 40 per cent stake in at Rs 650 crore. However, in October 2018, IndiaBulls Housing sold around 16 per cent of its stake in the bank to the Government of Singapore at Rs 900 crore.

“The remaining value of IndiaBulls Housing’s stake in the bank is Rs 3,000 crores even if one were to go simply by the price at which is investing”, the housing finance company said in a statement to the exchanges.

has turned out to be an excellent for us as it is evident from the numbers and the manifold increase in valuation since our Our is now valued at Rs 3,000 crore”, said Gagan Banga, Vice Chairman and MD of

Currently, OakNorth bank has a to the tune of Rs 21,390 crore and has not reported any delinquencies till date. The British banking start-up caters to small and medium-sized that provide business and It has no physical branches and it provides funding through its technology-driven fulfilment platform –

The bank was founded by Rishi Khosla and Joel Perlman and obtained regulatory approval in 2015. ,

It has a deposit base of $1.5 billion which has been raised through digital channels. Moreover, it has net worth of $1 billion.

First Published: Fri, February 08 2019. 18:44 IST