SUMMARY
- Finova Capital is in talks to raise Rs 800 Cr from Avataar, Madison, and Sofina.
- The firm saw a 71% PAT increase in FY24 and operates 400+ branches.
- The fintech company has raised $65 million in 2022 and Rs 260 Cr in 2020.
Finova Capital, a Jaipur-based fintech firm, is in talks with potential investors to raise Rs 800 Cr through a combination of primary capital injection and secondary share sales. The round will be led by new investors Avataar Venture Partners, Madison India Capital, and Belgium investment vehicle Sofina as reported by Moneycontrol.
Mohit Sahney and Sunita Sahney-led Finova Capital, founded in the year 2015, is a non-banking financial enterprise. The company offers residential loans backed by immovable property and MSME business loans. With more than 400 branches, the organization operates in 16 states, including Rajasthan, Madhya Pradesh, Chhattisgarh, Karnataka, Andhra Pradesh, Telangana, and Himachal Pradesh.
In the year 2022, Finova Capital secured a $65 million funding round from Norwest Venture Partners, Maj Invest, and Faering Capital. Previously, in 2020, Finova raised over Rs 260 Cr from its current investors, Peak XV Partners.
In the financial year 2023–24 (FY24), Finova Capital reported a consolidated profit after tax of Rs 151.5 Cr, up 71% from 88.4 Cr in the previous fiscal year. Operational revenue surged 59% from INR 332.6 Cr in FY23 to Rs 529.3 Cr in FY24.
