Nonbanking finance company (NBFC), Credit Saison India on Tuesday announced that it had raised $47 million from its parent company, Credit Saison. With this, the total funds raised by CS India will be $150 million.
According to the company, the new funds will be used to expand its loan book in India and to collaborate with new fintech firms.
Speaking about the fundraiser, Presha Paragash, CEO, CS India says, “Taking into account the Covid-19 situation and the corresponding setback this has brought to the lending space, on a forward-looking basis, we are bullish on our growth plans and we are targeting to have an AUM (assets under management) of $1 billion over the upcoming years.”
CS India associates with 30 NBFCs across asset classes such as consumer, auto, and gold loans. The firm is now onboarding entities for agriculture finance as well as microfinance forays, according to the statement.
“While aggressive, we are confident of getting there with the ability to further leverage our parents’ balance sheet and also having a diversified lender base that will be commensurate with our credit rating.” Paragash further added.
Kosuke Mori, Head of Global Business Division and Senior Managing Executive Officer at Credit Saison said, “India is one of the most important markets for us which benefit not only from our financial support but also our global. We look forward to our India team building the book to $1 billion in the upcoming years.”
The Indian arm of Credit Saison received its NBFC license in 2019. The firm has wholesale lending vertical in India along with a co-lending arm that focuses on fintech partnerships for the consumer as well as small business loans. Credit Saison is listed on the Tokyo Stock Exchange and has a group balance sheet of $32 billion.
