Spark Capital is pleased to announce the successful closure of a ~ ₹3,000 Mn equity round in Ess Kay Fincorp Limited (“EssKay” or the “Company”) led by TPG Growth with participation from existing investors Norwest Venture Partners and Evolvence India Fund II.
Spark Capital acted as the exclusive financial advisor to the Company for the transaction.
With this deal, Spark continues to maintain its leadership position in the BFSI space having consummated 34 transactions aggregating to ₹143 Bn in value across various sub-segments of the BFSI space.
Mr. Rajendra Setia, Managing Director of EssKay, on the successful closure of the transaction, commented, “Our long standing and partnership driven approach in our focus geographies has led us to establish a business model that directly addresses the needs of our customers, especially in the rural hinterland. It is my great pleasure to welcome TPG Growth and we thank the continued support of our existing investors – Norwest, Baring India and Evolvence as we embark on our next phase of profitable growth. The investors, along with our 45+ lending relationships, add tremendous strength to our balance sheet and growth plans, as we emerge as a leading player in the used vehicle finance and SME finance segment”.
Mr. Abhijit Chiripal, Director, Financial Services at Spark Capital, on the successful closure of the transaction, commented, “We have been great believers in the EssKay business model and its unique approach to creating a successful eco-system of lending in rural India. The key differentiator for EssKay is its flexible product offerings within the used commercial vehicle and MSME segment, backed by a sharp on-ground collection infrastructure.
Spark Capital is privileged to lead the second successful equity raise for EssKay and wish Mr. Setia the very best in the coming years”