Hero FinCorp Raises INR 2,000 Crore
The funds will be utilized to expand its product offerings across India's retail, SMEs and corporate lending landscape
Hero FinCorp, a privately owned non-banking finance company (NBFC), has raised INR 2,000 crore. The round was led by Apollo, along with Hero MotoCorp, among others.
The latest fundraise will support Hero FinCorp's growth strategy as the company continues to further expand its product offerings across India's retail, SMEs and corporate lending landscape (CLL), said a statement.
"This fresh capital infusion will fuel our growth to $10 billion in assets and enable us to serve over 15 million customers by FY-25. This is in keeping with our mission of empowering every Indian's dream of upward mobility. I am excited to partner with Apollo in this journey as they bring significant experience and relevant domain knowledge; and I am sure this strategic partnership would be mutually beneficial to both groups," said Abhimanyu Munjal, CEO, Hero FinCorp.
"We are pleased to support Hero FinCorp through our hybrid value platform, helping the business accelerate its growth in an industry which we believe has significant tailwinds in India. Our team is excited to strategically partner with them in scaling their financial services business,"said Matt Michelini, partner, head of Asia Pacific and co-head of hybrid value at Apollo.
Hero FinCorp, the financial services arm of the $10 billion Hero Group, is one of India's largest privately owned NBFC. Originally founded in 1991, as Hero FinLease Limited to serve the financing needs of the Hero Group ecosystem, the company expanded outwards in 2012 and has since grown its loan book from INR 300 crore to approximately INR 30,000 crore over the past 10 years, added the statement.