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Business Economy


DMI Finance raises USD 47 mn from SuMi Trust Bank, others

Mumbai, Jan 11 (UNI) Non-banking financial company DMI Finance on Tuesday said it has raised USD 47 million equity investment from various investors led by a new investor Sumitomo Mitsui Trust Bank (SMTB).
SuMi Trust Bank joins existing investors in DMI Finance including New Investment Solutions and NXC Corporation. This equity contribution by SMTB, the fifth-largest commercial bank overall measured by assets in Japan, marks its maiden investment in India, DMI Finance said in a statement issued here.
This equity raise by DMI Finance takes its total equity base to USD 500 million.
“We are in the early stages of what is already an incredible period of building India’s digital financial ecosystem. As we look to drive financial inclusion at scale, we welcome SuMi Trust Bank’s vote of confidence in our vision and execution,” a DMI Finance spokesperson said.
The DMI group raised USD 123 million of equity capital and USD 200 million FPI-funded NCD issue in March 2020.
Commenting on the development, an SMTB spokesperson said, “We are excited to start the partnership with DMI and build the future of finance. Digital financing in India is entering a high growth phase and will be instrumental in achieving financial inclusion. DMI is rightly placed to capitalize on the opportunity as it has successfully combined fintech and last-mile reach capabilities to service the aspiring consumer base in India.”
DMI Finance has a full-stack digital lending and loan life cycle management platform and has a pan-India customer base of over 6 million which is expected to grow at least 10 per cent month-on-month through 2022.
It is a pioneer and leader in embedded digital finance in India and is the lending partner of choice for over 25 businesses including category-defining partnerships with Samsung and Reliance Retail. Its products include personal loans, lines of credit, BNPL, OEM financing, and MSME loans.
UNI PSK ACL1340
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