Get All Access for $5/mo

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

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

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.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.

Business News

Apple Is Adding ChatGPT to iPhones This Week. Here's How It Works.

ChatGPT will take over questions that Siri can't answer.

Growing a Business

How to Spot Trends and Anticipate Market Shifts Before Your Competition

Discover how to identify disruptive trends before your competitors by mastering the art of anticipating market shifts. Learn strategies for staying ahead and gaining a competitive edge in business.

Starting a Business

10 Traits of Successful Entrepreneurs That Investors Love (Even If They Seem Like Jerks)

This article explores a thought-provoking question: Why do many successful entrepreneurs exhibit traits that might label them as "jerks?"

Business News

Macy's CEO Confirms Employee Made Accounting Errors Worth $151 Million, Though Not for 'Personal Gain'

The company announced its third-quarter earnings Wednesday after a delay.