Northern Arc raises Rs 910 cr from IIFL Asset, SCPE & Affirma Capital

Northern Arc Capital (formerly IFMR Capital) has raised Rs 910 crore from IIFL Special Opportunities Fund & its Series managed by IIFL Asset Management Limited, SCPE (Standard Chartered Private Equity) and Affirma Capital, a newly formed, independent private equity firm to be managed by the team at SCPE.

Early investors including Dvara Trust, LeapFrog Investments and Accion will partially sell their stake in the company, but will however continue to stay invested. Following this investment, Amit Mehta, Principal, IIFL Private Equity will join the board of the company. Axis Capital, Credit Suisse and ICICI Securities acted as advisors to the