Hero FinCorp raises Rs 1,000 cr to expand credit services

The money was raised from ChrysCapital, Credit Suisse and promoters of Hero Group

Hero FinCorp, a leading NBFC and part of the Hero Group, has raised Rs 1,000 crore from ChrysCapital, Credit Suisse and the Hero Group to expand finance to two-wheeler buyers and used car buyers. Financing will also be offered to SME customers.

ChrysCapital has invested Ra 570 crore and Credit Suisse has brought in Rs 132 crore. The promoters of Hero Group have infused Rs 300 crore.

Pawan Munjal, chairman at Hero Group said through Hero FinCorp the group aims to provide credit power to the financially excluded customers across the hinterlands of the country. 

Hero FinCorp has an asset size of Rs 8,000 crore and has a retail customer base of a million customers.