Swet Sarika

Alternative asset management firm Anicut Capital has led a follow-on funding round of Rs 55 crore ($5.7 million) in Unico Housing Finance Pvt Ltd, alongside existing investor UC Impower, the companies said in a statement.

The proceeds from the fundraise will support Unico’s next phase of growth by strengthening its balance sheet, enhancing operational capabilities, and enabling the company to scale in a calibrated and sustainable manner, the non-bank lender said.

Unico, which had assets under management (AUM) of over Rs 730 crore as of June 30, 2026, said the follow-on investment will help it to reinforce its capital base, positioning it to capitalise on the opportunities in India’s affordable housing finance market while maintaining its focus on asset quality and profitability.

“As we enter our next phase of growth, our focus remains on expanding responsibly, strengthening our technology and distribution capabilities, and delivering seamless housing finance solutions that enable more families to realise their dream of home ownership,” said Babu Vellingiri, managing director & chief executive officer, Unico. 

Previously, in September, 2025, Unico raised Rs 120 crore (around $13 million) from Anicut Capital and UC Impower. The funding, of which the major part was from Anicut’s latest private equity vehicle, was intended to accelerate Unico’s growth and deepen its presence in the affordable housing segment. Later, the housing finance company appointed a banker to raise a larger round of capital, VCCircle reported previously.

“Affordable housing finance remains one of India's most significant unmet needs, particularly for self-employed individuals and first-time home buyers who have the aspiration and ability to own a home but often remain underserved by the formal financial system,” said Dhruv Kapoor, partner, Anicut Capital.

Chennai-based Unico offers home loans with an average ticket size of Rs 13-15 lakh to lower and middle-income customers. It operates through 86 branches in seven states. Set up in 2023, Unico focusses on first-time buyers in tier-2 and tier-3 cities, as well as smaller towns. 

The company’s net loss widened to around Rs 47 crore in the financial year ended March 2025 from nearly Rs 16 crore the year before, as total expenses nearly quadrupled to Rs 83 crore, according to company data. Its net loss narrowed to Rs 44.2 crore in FY26, according to its annual report.

Alternative asset management firm Anicut Capital has led a follow-on funding round of Rs 55 crore ($5.7 million) in ......

Anicut Capital leads follow-on funding in Unico Housing Finance

Finance

The chief executive officer of the wholesale lending vertical of non-banking finance company Piramal Finance Ltd has put in his papers, multiple people close to the development told VCCircle.

Yesh Nadkarni, who joined Piramal Finance in 2022 after spending seven years as managing director for India real estate at private equity firm KKR, has quit the company. 

“The announcement was made to a small group of senior leadership team in the company today,” one of the persons mentioned above said. The person added that while the news of his resignation had been floating for some time now, the development has taken a concrete shape now.

The company has yet to make a formal announcement about the move.

The second person said that Nadkarni is likely to set up his own investment venture, taking the entrepreneurship route at this juncture of his career. 

“There is no clarity yet on who will come in as the new CEO at Piramal Finance to head the wholesale lending business,” this person said.

An email written to the spokesperson for Piramal Finance seeking comments did not elicit any response till the time of filing this article.

Nadkarni has over 22 years of real estate investing experience across multiple regions and leadership roles at KKR, JP Morgan, and ICICI Prudential. At Piramal Finance, he was responsible for expanding the wholesale lending business, building its real estate loan portfolio, strengthening client relationships, and utilizing data analytics and AI for underwriting.

He previously led India real estate credit at KKR, managed Asia ex-China investments at JP Morgan, and set up the real estate investing business at ICICI Prudential.

Piramal Finance offers loans including home, business, personal, travel, emergency, and marriage loans. In January this year, Piramal Finance raised $350 million (Rs 3,156 crore) in debt capital from the International Finance Corporation (IFC) and the Asian Development Bank (ADB), marking its first fundraise from development finance institutions.

The capital has gone to expand access to affordable housing finance, MSME credit, and lending to women borrowers and entrepreneurs, especially in semi-urban and rural areas across tier II and III markets.

Piramal Finance is part of the Ajay Piramal-led Piramal Group, whose other businesses include Piramal Pharma and Piramal Realty. The non-bank lender offers products like housing loans, loans against property, used car loans, business loans, salaried personal loans, and digital loans. It has assets under management of over Rs 1,00,000 crore. 

The chief executive officer of the wholesale lending vertical of non-banking finance company Piramal Finance Ltd has put......

Piramal Finance’s wholesale lending CEO quits

People

Aman Rawat

Y Combinator-backed fintech platform SaveIN Fintech Pvt Ltd is targeting 2.5-3x revenue growth in the current financial year as it expands beyond healthcare into categories such as furniture, travel, home improvement and education, a top executive told VCCircle. 

SaveIN operates as a loan service provider, connecting multiple lenders with a distribution network of healthcare merchants. It offers zero-interest EMI options for outpatient healthcare services, including dental, dermatology, fertility, haircare, hearing, fitness, Ayurveda and homeopathy.

In the financial year ended March 2026, the Gurugram-based company disbursed more than Rs 400 crore in loans and is currently operating at an annualised disbursal run rate of over Rs 700 crore, founder and chief executive officer Jitin Bhasin said. SaveIN processes more than Rs 60 crore in monthly disbursals and plans to triple that figure over the next 12 months.

"We expect to break even in FY27 while pursuing over 2.5-3x growth in our top line," Bhasin said.

In FY25, SaveIN's revenue had risen to Rs 15.6 crore, more than doubling from the previous year, according to PrivateCircle. Bhasin said FY26 revenue grew by more than 80%, while losses declined by nearly 10%. Between FY24 and FY26, the company's revenue increased nearly fivefold, while losses were almost halved.

Founded in 2022, SaveIN has built a network of more than 7,500 retail outlets across over 130 cities and has served customers in more than 15,000 pin codes, according to Bhasin. Its lending partners include HDFC Bank, ICICI Bank, IDFC First Bank, Piramal Finance and BharatPe Capital, among others.

Funding and profitability

SaveIN raised Rs 37 crore ($4.3 million then) in April 2025 in a funding round led by existing investors 10X Founders, Oliver Jung and Leblon Capital, with participation from Stem AI. The round followed a Rs 64-crore seed funding, taking the company’s total capital raised to more than Rs 100 crore.

The company aims to achieve EBITDA profitability in FY27 while continuing to invest in new products. 

Bhasin said any future fundraising would primarily support growth and product expansion rather than the company's core operations.

Expanding beyond healthcare

SaveIN is broadening its offering beyond healthcare, entering categories such as furniture, travel, home improvement, electric vehicles and education, while also evaluating opportunities in solar financing. Its broader strategy is to become a pay-later platform for relatively high-ticket products, services and experiences, with repayment tenures ranging from six to 24 months.

"First and foremost, (the priority in FY27 is) expanding into non-healthcare. We would like an equal contribution from non-healthcare by the end of this fiscal year," Bhasin said

The company is also expanding its merchant base through payment gateways and other distribution partnerships. It recently onboarded home interiors and renovation company HomeLane, enabling the retailer to offer SaveIN's financing options to its customers.

Bhasin said SaveIN’s business-to-business-to-consumer (B2B2C) model helps keep customer acquisition costs low, as merchant partners promote SaveIN's financing products directly to consumers. The company is also using artificial intelligence across customer assessment, onboarding, servicing and collections.

SaveIN has maintained a workforce of around 100 employees even as the business has scaled, Bhasin said. Its loan loss ratio remains close to 2%, which, he said, is central to the company’s strategy of growing without compromising portfolio quality.

Long-term roadmap

SaveIN is also developing a product that would allow it to participate in the commerce side of transactions alongside its lending business. Bhasin said the long-term ambition is to build a pay-later ecosystem for India's higher-income consumers, with the company's average loan ticket size currently around Rs 50,000.

It aims to reach at least Rs 10,000 crore in annual loan generation before considering an initial public offering (IPO), Bhasin said, describing it as a long-term milestone. 

"From our perspective, we would like to hit at least a billion-dollar generation in loans, which means close to 10,000 crore GMV," he said.

Bhasin added that SaveIN is also open to launching its own non-banking financial company (NBFC) as it scales. For now, however, the company continues to partner with banks and non-bank lenders, allowing it to remain asset-light while maintaining access to funding.

Y Combinator-backed fintech healthcare platform SaveIN Fintech Pvt Ltd is targeting 2.5-3x revenue growth in the current......

VC-backed SaveIN targets 3x growth in FY27 as it diversifies beyond healthcare

Reuters

Bank of America will acquire as much as a 49.9% stake in the non-bank lending arm of Jio Financial Services in a 182.68 billion rupee ($1.92 billion) deal, as the U.S. lender expands its presence in India's fast-growing financial sector.

The deal extends a recent run of large foreign investments in Indian banks and non-bank lenders, which are seeing a strong demand for credit and low loan delinquency rates.

Recent deals include Japan's MUFG investment in Shriram Finance, Dubai-based bank Emirates NBD's 60% stake purchase in RBL Bank and Sumitomo Mitsui Financial Group's investment in Yes Bank.

Bank of America will become a joint venture partner in non-banking finance company Jio Credit through a preferential allotment of equity shares and warrants, the two companies said on Wednesday.

ACCESS TO A FAST-GROWING MARKET

The transaction, which values Jio Credit at around $3.8 billion according to a Reuters calculation, initially gives BofA a 26.5% stake, with its holding potentially rising to 49.9% after the exercise of the warrants.

Jio Credit will issue shares worth up to 66.13 billion rupees and warrants worth up to 116.55 billion rupees to BofA as part of the deal.  

"By combining Jio Financial Services' scale, local expertise and customer base with Bank of America's global reach, digital experience and close to 250 years of leadership in banking, we can help expand access to financial services and support India’s continued economic growth," BofA CEO Brian Moynihan said.

Jio Credit is among India's fastest-growing NBFCs, with assets under management of more than $3 billion as of June-end, within just two years of operations.

The investment offers Jio Credit capital to support its growth while getting the expertise of a global financial firm, Bank of America said.

Non-bank credit in India is growing at a rapid pace of over 14% across segments like personal loans, gold loans and small-business credit.

JIO FINANCIAL's JV STRATEGY

Jio Financial, which listed in 2023 after a demerger from Indian billionaire Mukesh Ambani's Reliance Industries, operates businesses such as digital lending, payments, insurance broking and asset management services.    

The company has chosen to forge joint ventures with global firms across a number of its business lines. It offers asset and wealth management services through its joint ventures with BlackRock. It has also entered a JV with Germany's Allianz to offer general and health insurance.

Bank of America will acquire as much as a 49.9% stake in the non-bank lending arm of Jio Financial Services in a 182.68 ......

Bank of America to take 49.9% stake in Jio Credit for $1.9 bn

BlackSoil Asset Management, the asset management arm of alternative credit platform BlackSoil Group, has hit the final close of its second credit fund BlackSoil India Credit Fund (BICF) II, a top company executive told VCCircle.

The performing credit fund, launched in late 2023, recently hit its target corpus of Rs 500 crore (around $52.5 million), deploying the capital across 40 companies. In fact, the fund has deployed a total of Rs 750 crore so far through capital recycling by clocking exits from 10 companies.  

BICF II, a SEBI-registered Category II alternative investment fund (AIF), focusses on providing credit to high-growth businesses across sectors including financial services, fintech, climatetech, electric vehicles, healthcare, consumer, SaaS, deeptech and mobility.

It offers flexible, non-dilutive performing credit solutions to companies looking to scale up while preserving capital efficiency.

Its current portfolio is diversified across sectors, with 35% of the allocation going to consumer and internet businesses (B2C or D2C), another significant portion invested in fintech and financial services, and the remaining channelled to mobility, IoT, SaaS and deeptech sectors.

The limited partner (LP) base of the fund is spread across family offices and high-net-worth individuals, with the majority of commitments coming from repeat investors.

“The fund was built on a simple conviction that India's next phase of growth will be powered by sustainable, well-run businesses with strong cash flows and predictable revenues.

"Our vision extends beyond this fund. We intend to build a platform of focussed, thematic credit funds that address specific market opportunities and investor needs,” said Chirag Shah, executive director, BlackSoil Asset Management.

Maiden fund, credit strategy

BlackSoil’s maiden credit fund, BlackSoil India Credit Fund I, had raised Rs 280 crore, deploying a total of Rs 550 crore in its fund life through capital recycling. It deployed the capital across 44 companies, of which 40 investments have been exited; 4 remain outstanding and are expected to be completed over the next 6–9 months.

India's private credit market has grown rapidly over the last few years with many asset management companies foraying into the space. Funds tap into the widening funding gap for growth-stage businesses in the wake of bank funding tightening and capital requirements for growth.

The company believes that its credit underwriting is evolving in step with market demands, shifting from a venture debt-centric focus to a broader performing credit strategy.

Apart from domestic credit funds, the platform also has an offshore credit fund. As reported by VCCircle, it launched a Southeast Asia-focussed credit fund to expand its investment landscape. The new vehicle, BlackSoil Global Credit Opportunities Fund (The SEA Fund), has a target corpus of $50 million (Rs 438 crore) and is raising capital from the firm’s existing limited partners (LPs) as well as new investors.
 
Established in 2016, BlackSoil is an alternative credit platform comprising a non-banking financial corporation (NBFC) and SEBI-registered AIFs.

With assets under management (AUM) of $275 million, BlackSoil serves MSMEs, enterprises, and retail businesses across India and Southeast Asian markets. The platform provides alternative credit solutions to fast-growing and underserved new-economy businesses across short- and long-term capital needs.

The platform is backed by leading global development finance institutions (DFIs) and institutional investors including FMO, Gray Matters Capital and Triodos Investment Management, along with the family offices of Allcargo Logistics, Navneet Education and Mahavir Agency.
 

BlackSoil Asset Management, the asset management arm of alternative credit platform BlackSoil Group, has hit the final ......

BlackSoil AMC hits final close of second credit fund

Ajay Ramanathan

Financial services company Equirus said Wednesday it has appointed Munish Aggarwal and Sandeep Gogia as co-heads of its investment banking business.

Previously, both Agarwal and Gogia served as managing directors at Equirus group. They will succeed the incumbent investment banking head Bhavesh Shah.

Following the appointments, Shah will transition to a broader group leadership role, according to a press note. He will focus on strengthening the group’s overall platform and supporting its next phase of growth.

Equirus said the appointments mark the next phase in the evolution of its investment banking franchise. 

Aggarwal has over 25 years of experience across investment banking and capital markets in India and Southeast Asia. He has been associated with Equirus for over 18 years and has been instrumental in building the firm’s industrials franchise, where he has led multiple marquee transactions. Prior to Equirus, he worked with JPMorgan Chase as an analyst.

Gogia has over 28 years of experience across investment banking, advisory, equity capital markets and management, with expertise spanning technology, digital, manufacturing and education. He previously worked with boutique investment banking firm Wizarth Advisors, which subsequently merged with Equirus Capital.

Equirus offers various financial services including investment banking, institutional securities, wealth and asset management, broking, lending, and insurance services.

The firm said it has completed more than 345 transactions across mergers, acquisitions, private equity, initial public offerings, qualified institutional placements, rights issues, and structured finance, helping its clients raise $16.04 billion across sectors.

Financial services company Equirus said Wednesday it has appointed Munish Aggarwal and Sandeep Gogia as co-heads of its ......

Equirus appoints two execs as investment banking co-heads

TEAM VCC

Ontario Teachers’ Pension Plan (OTPP), the third-largest Canadian pension fund with assets under management of over $300 billion, is set to sign off from an Indian portfolio company with a healthy outcome.

The pension fund, which logged a few liquidity events last year from its infrastructure portfolio in the country, is set to sell the final tranche of its stake in Sahyadri Hospitals to Manipal Health Enterprises Ltd.

This comes nearly a year after OTPP divested its majority stake in Sahyadri to the operator of Manipal Hospitals. Terms of the transaction were not disclosed then.

VCCircle has now gathered that Manipal paid Rs 4,596 crore to buy a 78.71% stake in the private hospital chain last October. Two months later, it picked up an additional 9.84% stake for Rs 574 crore.

Manipal will now buy the remaining 9.84% from OTPP for Rs 574 crore. It will finance the transaction through the proceeds of the fresh issue in its recently completed initial public offering.

This would take the total payout to OTPP to Rs 5,745 crore (approximately $650 million) including previous tranches.

The pension fund had acquired a majority stake in Sahyadri Hospitals in 2022 through a mix of a secondary deal with the previous promoter, private equity firm Everstone Capital, and a fresh infusion. Across multiple tranches, including a fresh issue in 2024, it had shelled out around Rs 2,697 crore, VCCircle has gathered.

With the final stake sale, OTPP would be pocketing a little over 2x in its principal payment and score an internal rate of return (IRR), or annualized return, of 30% in rupee terms and 26% in dollar terms. This is way above the 20% and 15% benchmarks, respectively, that commercial alternative investors typically chase.

However, as a pension fund, OTPP may have a lower threshold to meet its objectives.

Notably, the actual payout to OTPP could go up further by an additional Rs 121 crore ($13 million). This is subject to the condition that Sahyadri manages to achieve an operating profit of Rs 400 crore on a last 12 months’ basis before Manipal buys out the last tranche of shares. Manipal has to buy the remaining shares from OTPP by December 1, 2026.

Sahyadri logged EBITDA of around Rs 215 crore for the year ended March 31, 2025, on operating revenue of Rs 1,021 crore.

Sahyadri brought 1,606 additional licensed beds to Manipal’s network and strengthened its presence in western India, especially Pune.

Ontario Teachers’ Pension Plan (OTPP), the third-largest Canadian pension fund with assets under management of over $......

Canadian pension fund OTPP wrapping up $650 mn exit from India portfolio

Healthcare

Indian non-banking financial company Muthoot FinCorp has filed for an initial public offering in Mumbai to raise 30 billion rupees ($314.59 million), according to a draft prospectus dated Wednesday.

Here are some more details:

The offering consists entirely of fresh issue of shares, according to the draft filing. The company may undertake a pre-IPO placement of up to 6 billion rupees, which would reduce the size of the fresh issue.

Up to 50% of the net issue will be reserved for qualified institutional buyers, at least 15% for high-net-worth individuals and at least 35% for retail investors.

The company intends to channel the IPO funds toward strengthening its Tier I capital base for future lending needs, while also fueling business growth and digital platform expansion, with a smaller share earmarked for issue-related expenses.

Muthoot FinCorp, the flagship financial services arm of Muthoot Pappachan Group, is primarily engaged in gold loans but also offers loans for business, housing, supply chain financing, loans against property, among others.

India's IPO market has picked up after a slower 2025, drawing a diverse mix of issuers, from auto-parts manufacturer Dhoot Transmission to logistics firm Shiprocket and dairy player Milky Mist, even as investors remain selective on valuations and business fundamentals.

Muthoot FinCorp, which operates more than 3,800 branches across India, reported a more than three-fold jump in net profit and a 31.8% increase in total revenue from operations for the year ended March 31.

Kotak Mahindra Capital, Morgan Stanley India, JM Financial and SBI Capital Markets are book-running lead managers for the IPO.

Indian non-banking financial company Muthoot FinCorp has filed for an initial public offering in Mumbai to raise 30 ......

Gold loan lender Muthoot FinCorp files for $314 mn IPO

Malvika Maloo

Mirae Asset Venture Investments (India) Pvt Ltd (MAVI India), the local venture capital arm of South Korean conglomerate Mirae Asset Financial Group, has marked the first close of a new vehicle that aims to raise as much as Rs 1,800 crore ($189 million).

The firm has collected Rs 1,125 crore for Mirae Asset Venture Opportunity Fund – II (MAVOF II) from its limited partners to mark the first close, it said in a statement on Thursday. 

The vehicle will invest in early growth businesses across technology platforms, AI/software, deep-tech, advanced manufacturing and consumer discretionary sectors.

 The vehicle is likely a successor to the India-focussed early-stage fund that the South Korean group set up in 2021–the Mirae Asset Venture Opportunities Fund I. MAVOF II, however, is much larger in corpus. The first fund had a corpus of $35 million, which could be stretched up to $75 million. 

The development comes about eight months after Mirae said it was partnering with two other South Korean companies–gaming major Krafton and internet portal operator Naver–to set up a Rs 6,000 crore ($665.3 million) vehicle that will make India-focused investments. The Krafton-Naver Mirae Asset Unicorn Growth Investment Fund is looking at opportunities in growth-stage technology companies across Asia, with India positioned as the core market. This fund recently invested in home services platform Snabbit.

The Unicorn Growth Investment Fund, announced in December last year, has also backed the latest vehicle, Mirae said. It added that the vehicle has received significant contributions from Mirae Asset India and global businesses. After the first close, the fund will now focus on raising capital domestically to deepen its presence in India.

The fund will back high-growth Indian companies that have demonstrated product-market fit and are entering their next phase of scale, the firm said.

“India is entering a new phase of innovation where companies are moving beyond proving product-market fit to building businesses with the potential to become category leaders, both in India and globally,” said Puneet Kumar, chief executive, MAVI India. 

“While the ecosystem has gotten more vibrant over the years, there is a big gap in the ecosystem today in the Series B-D stages when they are looking for growth capital.  With Mirae Asset Venture Opportunity Fund – II, we want to partner with founders at this important stage of their journey and help them build large, enduring companies,” he added.  

Mirae Asset has been making VC-style investments in India since 2018. Over the last eight years, it has invested in companies such as Shadowfax, Raise (Dhan), and Kreditbee, among others.

Mirae Asset Venture Investments (India) Pvt Ltd (MAVI India), the local venture capital arm of South Korean conglomerate......

Mirae Asset’s venture capital arm floats new India fund, marks first close

Chennai-based venture capital firm Bluehill.VC has marked the final close of its maiden frontier-tech fund at Rs 400 crore (nearly $42 million), including the exercise of a Rs 50 crore greenshoe option, as it looks to back early-stage startups developing technologies across defence, space, semiconductors, energy and advanced manufacturing.

The fund said it attracted institutional investors, including SIDBI and the governments of Kerala and Uttar Pradesh, along with family offices, entrepreneurs and ultra-high-net-worth individuals from India and the Middle East.

The firm said it received interest from a wider pool of institutional and HNI investors than it could accommodate within the closing timeline. It plans to engage with these investors for its next fund, which is expected to be launched in 2027.

Bluehill.VC plans to invest in 15-16 startups from seed to Series A, with an average first cheque of $1-2 million. The fund has already deployed more than Rs 100 crore across seven portfolio companies and plans to invest another Rs 80 crore over the next six months.

Invest and build approach

Founded in 2024 by Manu Iyer and Sridhar Parthasarathy, Bluehill.VC follows an invest-and-build approach, combining capital with operational support for founders. The firm focuses on companies building science- and engineering-led technologies that it believes can develop into globally competitive businesses from India.

Bluehill.VC invests in startups developing proprietary technologies across areas including energy, electric vehicles, nuclear, semiconductors, advanced materials, defence, space, water, manufacturing, robotics, industrial technologies and IoT.

Its portfolio includes EtherealX, which is developing reusable launch systems; Zebu Intelligent Systems, a counter-drone technology company; Helex, which is developing therapeutics for genetic kidney diseases; Sophrosyne Technologies, a fabless semiconductor startup; and optoML, which is developing an analog AI system-on-chip platform.

Chennai-based venture capital firm Bluehill.VC has marked the final close of its maiden frontier-tech fund at Rs 400 ......

Bluehill.VC closes maiden frontier-tech fund, plans another on investor interest

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Debjyoti Roy

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