CredAvenue’s bond platform facilitates Rs 150 cr MLD issuance for SK Finance

By: |
November 24, 2021 12:15 AM

SK Finance is one of the leading NBFCs in the country, with over 2.25 lakh customers with assets under management (AUM) of Rs 4,000 crore and a presence in 10 states through more than 375 branches.

Plutus has facilitated primary bond issuances in excess of Rs 6,000 crore for more than 20 entities since its inception.Plutus has facilitated primary bond issuances in excess of Rs 6,000 crore for more than 20 entities since its inception.

Chennai-headquartered debt markets platform CredAvenue has facilitated market-linked debenture (MLD) issuance of Rs 150 crore for SK Finance through its online bond platform Plutus.

Till date, the firm has raised close to Rs 11,000 crore, and aims to issue another Rs 1,000 crore of debt in the coming months.

SK Finance is one of the leading NBFCs in the country, with over 2.25 lakh customers with assets under management (AUM) of Rs 4,000 crore and a presence in 10 states through more than 375 branches.

In May, SK Finance raised equity capital from marquee investors like TPG Growth, Norwest Venture Partners and Evolvence India. After the latest funding round, the overall capital raised from external investors crossed ₹1,000 crore.

Rajendra Setia, MD & promoter of SK Finance, said, “Plutus — the bond platform of CredAvenue — has been instrumental in providing NBFCs access to a diversified pool of capital. These funds will largely be utilised towards onward lending and further consolidation of our market share and in the process enable generation of livelihoods, meet aspirational needs and improve lifestyles. These are basically individuals & small road and transport operators running small commercial vehicles and micro businesses.”

Plutus has facilitated primary bond issuances in excess of Rs 6,000 crore for more than 20 entities since its inception.

Gaurav Kumar, founder & CEO, CredAvenue, said, “Our bond platform has emerged as a unique platform of choice for retail investors for meeting all their debt investments. Plutus offers a wide variety of fixed income products across various tenors, ratings, and yield spectrums. We are working with a large set of issuers to further broad-base the market and target offshore lenders, major banks and key fund managers.”

CredAvenue recently raised $90 million in equity capital in a funding round led by Sequoia Capital and co-led by Lightspeed, TVS Capital Funds, Lightrock and others. The funding had valued the company at approximately $410 million. The firm has also set up a technology development centre in Bengaluru will house a 200-employee strong workforce by FY 2022-23, accounting for close to 30% of CredAvenue’s overall strength in India.

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