Hero FinCorp, one of India’s largest privately owned Non-banking Finance Companies (NBFC) today announced a fundraise of INR 2,000 Cr. (USD 267 Million).
Apollo, through its Hybrid Value Fund, has committed INR 937 Cr. (USD 125 Million) along with Hero MotoCorp (a key sponsor of Hero FinCorp) committing INR 700 Cr. (USD 94 Million), the balance being contributed by others.
With this fresh capital infusion, the net worth of the company – which is rated AA+ by ICRA & CRISIL – will be INR 6782 Cr. (USD 900 Million) on a consolidated basis. The fundraise was approved by the boards of Hero MotoCorp and Hero FinCorp in January 2022.
The latest fundraise will support Hero FinCorp’s growth strategy as the Company continues to further expand its product offerings across India’s Retail, SME, and Corporate Lending Landscape.
Announcing this here today, Abhimanyu Munjal, Jt. Managing Director & CEO, Hero FinCorp, said “This fresh capital infusion will fuel our growth to USD 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.”
Matt Michelini, Partner, Head of Asia Pacific & co-Head of Hybrid Value at Apollo, said “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 the Munjal Family to support them in scaling their financial services business, one of the Hero Group’s leading franchises.”
The investment is subject to satisfaction of customary closing conditions, including certain regulatory approvals, and is expected to close by April 2022.
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 today announced a fundraise of INR 2,000 Cr. (USD 267 Million).){kind=link}