Morgan Stanley, IIFL Seed Ventures invest ₹154 crore in Kogta Financial

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Retail-focused non-banking financial company (NBFC) Kogta Financial has raised ₹154 crore in a funding round from Morgan Stanley Private Equity Asia and existing investor IIFL Seed Ventures.

The fund managed by Morgan Stanley Private Equity Asia invested around ₹114 crore for a minority stake, while IIFL Seed Ventures, Kogta’s first institutional investor, invested ₹40 crore.

Equirus Capital acted as the financial advisor for the transaction.

The funds raised will be used to expand operations and foray into new geographies.

Founded in 1996, Kogta Financial offers financing to customers, providing commercial vehicle loan, car loan, tractor loan, two wheeler loan, MSME loan, and loan against property.

Talking about the investment, Varun Kogta, Chief Financial Officer, said, “With this investment from Morgan Stanley and IIFL Seed Ventures Fund, the company’s net worth will increase to more than thrice the current value, thereby considerably strengthening our balance sheet, which will help further enhance conviction of credit rating agen cies and lenders.”

The NBFC has a network of over 65 branches, serving more than 50,000 customers, across six states in India, including Rajasthan, Madhya Pradesh, Gujarat, Maharashtra, Uttar Pradesh, and Delhi.

Previously in October 2016, Kogta Financial raised series A funding led by IIFL Seed Fund.

Other NBFC’s catering to the financial needs Indians include Capital First, Vistaar Finance, Veritas Finance, Ess Kay Fincorp, among many others.

Earlier this month, Veritas Finance raised ₹200 crore in a series D round led by Norwest Venture Partners and Ess Kay Fincorp raised ₹310 crore in a round led by TPG Growth.

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