Ashv Finance Secures USD 10 Million Investment from Encourage Capital
By Rediff Money Desk, MUMBAI Dec 06, 2023 19:12
Ashv Finance, a small business lender, has received a USD 10 million investment from Encourage Capital. The funding will be used to expand the company's reach and launch a rooftop solar finance facility.
![Ashv Finance Secures USD 10 Million Investment from Encourage Capital](https://im.rediff.com/news/2017/jul/15solar2.jpg)
Mumbai, Dec 6 (PTI) Small businesses-focused lender Ashv Finance on Wednesday announced that Encourage Capital has invested USD 10 million (about Rs 83.33 crore) into the company.
The non-bank lender, which has over Rs 1,000 crore of assets under management at present, is planning to launch a rooftop solar finance facility for small and medium businesses with the capital, according to a statement.
The quantum of the acquired stake in the small businesses-focused lender was not revealed.
At present, it operates at 180 locations across 15 states and the funding will also be deployed for expanding its reach, the statement said.
Ashv Finance's managing director Nikesh Kumar Sinha said the company aims to disburse Rs 390 crore of loans under the rooftop solar space in the next five years.
Without disclosing a timeline, Sinha said the company is targeting to take its overall AUM to Rs 1,800-2,000 crore.
Intellecap acted as the sole advisor to Ashv Finance for this transaction, the statement added.
The non-bank lender, which has over Rs 1,000 crore of assets under management at present, is planning to launch a rooftop solar finance facility for small and medium businesses with the capital, according to a statement.
The quantum of the acquired stake in the small businesses-focused lender was not revealed.
At present, it operates at 180 locations across 15 states and the funding will also be deployed for expanding its reach, the statement said.
Ashv Finance's managing director Nikesh Kumar Sinha said the company aims to disburse Rs 390 crore of loans under the rooftop solar space in the next five years.
Without disclosing a timeline, Sinha said the company is targeting to take its overall AUM to Rs 1,800-2,000 crore.
Intellecap acted as the sole advisor to Ashv Finance for this transaction, the statement added.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...