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Indiabulls Housing Finance updates on its investment in OakNorth Bank

Capital Market 

Company's 30% stake in OakNorth now values USD 380 mn

Indiabulls Housing announced that OakNorth has secured investment of 154 Mn (USD 203 Mn) from 3 investors - Clermont Group, Toscafund & Coltrane-for a 16% stake valuing it at 962 Mn (USD 1,270 Mn).

The Company's approx. 30% stake is now valued at USD 380 Mn, against the original investment of USD 100 Mn. Thus, in under 2 yrs IBHFL's investment has multiplied by 3.8x.

Founded in 2015, OakNorth became profitable after just 11 months and within 2 yrs of operations has grown its loan book to over 800 Mn.

This fresh investment will enable it to lend a further 1.5 Bn in 2018. It has been able to unlock the UK lending market for SMEs through a fintech solution called the ACORN data and technology platform. The ACORN machine, composed of 3 pillars - data, technology and processes, collects millions of data items and then uses machine learning algorithms to distil information to enable lenders to make informed credit decisions.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 13 2017. 09:18 IST