Sequoia-Backed Manappuram Finance To Raise 100 Crore From A Global Bank
Sequoia Capital funded non-banking finance company Manappuram General Finance and Leasing Ltd (MAGFIL) is planning to raise Rs 100 crore ifrom a “leading global bank”, says a report quoting a senior company official. The Kerala-based finance firm had raised Rs 70 crore from Sequoia and India Equity Partners.
The company will raise the equity ahead of the proposed merger of MAGFIL and the group company Manappuram Finance Tamil Nadu Private Ltd, the group chairman, V P Nandakumar, told media. He said the negotiations are on with the bank.
As for the financial numbers, the company has reported a 98 per cent increase in the net profit for the year ending March 31 this year at Rs 20.99 crore as aginst Rs 10.61 crore in the previous year. The sales increased 82 per cent at Rs 79.66 crore compared to Rs 43.65 crore in the last fiscal.
MAGFIL has 310 branches in 13 states, and it has plans to add 250 more branches this year, one fourth of which will be in Kerala.
