DMI Finance raised $47 Million Equity

DMI Finance raised $47 Million Equity Investment from
Sumitomo Mitsui Trust Bank, Limited. and others 

DMI Finance Private Limited (“DMI Finance”) today announced the closure of a USD 47 million equity investment round which included new investor Sumitomo Mitsui Trust Bank Limited. (“SuMi TRUST Bank”)

 

DMI Finance is the Non-Banking Financial Company (“NBFC”) of the DMI Group and has been a lender in India since 2009. It is a pioneer and leader in embedded digital finance in India and is the lending partner of choice for over 25 businesses including category-defining partnerships with Samsung and Reliance Retail. Its products include personal loans, lines of credit, BNPL, OEM financing, and MSME loans.

 

DMI Finance has a full-stack digital lending and loan life cycle management platform and has a pan-India customer base of over 6 million which is expected to grow at least 10% month on month through 2022.

 

This equity raised by DMI Finance takes its total equity base to USD 500 million. It is AA- rated by ICRA and supported by all the leading banks in India. SuMi TRUST Bank joins existing investors in DMI Finance including New Investment Solutions and NXC Corporation.

 

The spokesperson for DMI Finance said: “We are in the early stages of what is already an incredible period of building India’s digital financial ecosystem. As we look to drive financial inclusion at scale, we welcome SuMi TRUST Bank’s vote of confidence in our vision and execution.”

 

The spokesperson for SuMi TRUST Bank said: “We are excited to start the partnership with DMI and build the future of Finance. Digital financing in India is entering a high growth phase and will be instrumental in achieving financial inclusion. DMI is rightly placed to capitalize on the opportunity as it has successfully combined fintech and last-mile reach capabilities to service the aspiring consumer base in India. ”

Shriram City Union Finance signs MOU with

 Bharath Institute of Higher Education and Research (BIHER)

Shriram City Union Finance, a leading Non-Banking Financial Company signs a MOU with Bharath Institute of Higher Education and Research (BIHER), a regional multi-disciplinary University in Chennai for up-skilling the talent of its employees through the Continuous Learning Partnership Program (CLPP). 

Continuous Learning Partnership Program (CLPP) of Shriram City Union Finance has been exclusively designed for the working executives at SCUF in order to enhance their knowledge and skills of talent which will thereby enable them to accelerate growth both in their management role and in their career.  With an aim to provide the best of the values and knowledge BIHER has moulded the program using blended learning methodology which would help the working executives to learn along with their work.

Speaking on this occasion, Mr. Y S Chakravarti, MD & CEO, Shriram City Union Finance said “We strongly believe that to sail a business organisation in this ever changing dynamic environment employees need to be equipped with deep functional and integrative perspective in both local and regional business settings. I hope, this strategic alliance with BIHER will further open and accelerate the growth of our employees personally and professionally.”

Prof. Dr. Vijaya Bhaskar Raju K, Vice Chancellor of BIHER, said “we are focused to support the talent of Shriram City Union Finance Ltd., by introducing them to the emerging concepts and frame works in financial services Industry to learn the traditional and non-significant business models as per today’s context. This partnership will go on a long way in providing up-skilling the right talent and helping them to draw long career with Shriram group.”