Express Computer
Home  »  News  »  CredAvenue facilitates INR 86 Crore debt funding for Ess Kay Fincorp from responsAbility managed funds

CredAvenue facilitates INR 86 Crore debt funding for Ess Kay Fincorp from responsAbility managed funds

0 403

Vivriti Capital’s online enterprise debt platform CredAvenue has helped Ess Kay Fincorp (“Ess Kay”), a non-banking finance company raised INR 86 Cr in debt funding from funds managed by responsAbility AG, the Swiss asset manager. The debt was raised in the form of NCD’s (Non-Convertible Debentures) via VRR (Voluntary Retention Route). This Voluntary Retention Routewas introduced by the Reserve Bank of India (“RBI”) in 2019 to enable Foreign Portfolio Investors with a new channel to undertake long term investments in Indian Debt Capital market.

Jaipur-based Ess Kay operates through a network of 313 branches in six states across north and western India, with more than 2.25 lakh customers. It provides financing to commercial vehicle segments and small businesses in rural and semi-urban pockets across North and Western India. The fund raised from responsAbility will be used for further on-lending to its customers.Ess Kay aims to provide sustainable financing solutions that not only empower its customers in the Commercial Vehicle segment but also help small CV owners graduate into Small Road Transport Operators.

The deal helps bring the spotlight on the used CV Financing space in India which plays a critical role in promoting trade and entrepreneurship particularly in the rural segments. After microfinance, SME and affordable housing, this sector is gaining traction for its ability to absorb impact capital.

Commenting on the occasion, Sharad Venugopal, Senior Investment Officer for Financial Institutions Debt at responsAbility said: “We are delighted to welcome EssKay in to our India portfolio, and look forward to supporting their growth – and the financial inclusion of lakhs of their customers – in the coming years

Mr. Vivek Singh, Head – Treasury of Ess Kay said, “The confidence reposed by responsAbility on us is a validation of the robustness of our business model and our governance practices. Moreover, the transaction will further strengthen and diversify our resource mix. Our endeavour has and always will be to help customers further grow their small enterprises thereby creating large scale impact in the rural economies.”

The entire deal initiation, structuring, and execution was carried out on Vivriti Capital’s CredAvenue. The platform which offers a host of debt products ranging from securitisation, NCDs, ECBs to term loan syndication has thus far facilitated cumulative deal volumes of over INR 23,000 Cr through 1100+ debt transactions.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.

LIVE Webinar

Digitize your HR practice with extensions to success factors

Join us for a virtual meeting on how organizations can use these extensions to not just provide a better experience to its’ employees, but also to significantly improve the efficiency of the HR processes
REGISTER NOW 

Stay updated with News, Trending Stories & Conferences with Express Computer
Follow us on Linkedin
India's Leading e-Governance Summit is here!!! Attend and Know more.
Register Now!
close-image
Attend Webinar & Enhance Your Organisation's Digital Experience.
Register Now
close-image
Enable A Truly Seamless & Secure Workplace.
Register Now
close-image
Attend Inida's Largest BFSI Technology Conclave!
Register Now
close-image
Know how to protect your company in digital era.
Register Now
close-image
Protect Your Critical Assets From Well-Organized Hackers
Register Now
close-image
Find Solutions to Maintain Productivity
Register Now
close-image
Live Webinar : Improve customer experience with Voice Bots
Register Now
close-image
Live Event: Technology Day- Kerala, E- Governance Champions Awards
Register Now
close-image
Virtual Conference : Learn to Automate complex Business Processes
Register Now
close-image