IFMR Capital raises funding from Eight Roads Ventures

IFMR Capital has raised funding from Eight Roads Ventures, the proprietary investment arm of Fidelity International Limited, which will be investing up to USD 25 million in the company.
The deal marks IFMR Capital's second round of institutional funding, the company said.
The fresh round of investment will help Chennai-based IFMR Capital grow its existing business and explore other opportunities across new products and sectors, a company statement said.
Kabir Narang, Partner and Head of Technology and Financial Services at Eight Roads Ventures India, will join the Board of IFMR Capital, it said.
As part of the transaction, existing investor Leapfrog has partially sold its stake in the company.

Leapfrog invested USD 29 million in IFMR Capital in 2014, the statement said.

Announcing the fund raise, Kshama Fernandes, Managing Director and CEO, IFMR Capital said, "... We are excited to partner with Eight Roads Ventures and leverage its deep knowledge of the financial services sector to foray into new sectors and develop innovative products that will further serve the needs of our partner originators."
IFMR Capital has expanded its client base to more than 100 financial institutions across affordable housing, small business, vehicle, agriculture finance, small finance banks and microfinance, serving over 25 million clients located in more than 500 districts of the country, the statement said.

Over the last eight years, IFMR Capital has facilitated debt financing of more than Rs 30,000 crore to these institutions, it added.