Murugappa Group's NBFC Cholamandalam Investment raises $222 million

The International Finance Corporation (IFC), a member of the World Bank Group, said on Wednesday that it has anchored an investment round of $222 million into Cholamandalam Investment and Finance Company Ltd (CIFCL). The money will help the Murugappa Group's NBFC expand access to finance for micro and small borrowers, especially in the rural and semi-urban parts of India.

This is the company’s first US dollar-syndicated deal since January 2019, when the Reserve Bank of India permitted NBFCs to tap into the offshore credit market.

Of the total amount, $92 million is from IFC’s own account and the rest syndicated from First