Premji and Mirae are focused in Chinese cos' stake in fintech lender

CIOReviewIndia Team | Tuesday, 27 October 2020, 05:05 IST

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Premjiinvest and Mrea capital

Along with other investors, Billionaire philanthropist  Azim Premji’s PremjiInvest and South Korea’s Mirea Asset Venture Investment are in discussion to pick up a significant stake in digital lendor Finnov. 

 

At a valuation of close to USD 200 million, the deal includes the firms infusing USD 30-40 million at a valuation of close to  USD 200 million. 

Also, the new investors are in talks to pick up a significant amount of shares  held by Chinese backers such as Kunlun, and Shunwei Capital, who put together own 35-40 percent stake in the company.  

The due-diligence  process has started. The idea is clean the investors from China and make it an Indian-owned company,” said one of the sources. 

Till now, PremjiInvest has backed up lending companies which includes companies such as Aditya Birla, Shubam Housing Capital, while also has invested in major startups such as Ola, and BigBasket.

In a fintech lender in 2020, the deal is likely to be the largest funding round till now. Also, as many companies now face potential non-performing assests due to the certain stand still caused bt the COVID. 

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