Mumbai, Mar 17 (PTI) Homegrown private equity fund True North has led a Rs 245 crore fundraising by non-bank lender Nivara Home Finance.
Existing investor Baring PE India and the company's promoters Sunil Rohokale and Monik Koticha also participated in the round, according to a statement.
True North Fund VII will invest Rs 170 crore, while Baring PE India and the Promoters will contribute Rs 50 crore and Rs 25 crore, respectively.
Baring invested Rs 85 crore in the company in the last fundraising round a year ago, it said, adding that the promoters had invested Rs 100 crore into the 2015-founded company earlier.
The current investment aims to support Nivara's expansion plans to enhance its proprietary technology platform, extend its geographic presence into new markets, strengthen its distribution network, and develop innovative credit solutions.
The Bengaluru headquartered company operates 68 branches in five states and has Rs 700 crore of assets under management.