Manappuram General Finance and Leasing (MAGFIL), the flagship company of the Manappuram Group has arranged a fund infusion of Rs 70 crore from Sequoia Capital and India Equity Partners (IEP).
Sequoia Capital and IEP will invest Rs 35 crore each in two tranches to bankroll Manappuram’s expansion plans for MAGFIL and other group companies.MAGFIL, the BSE-listed non-banking finance company, which is the flagship of the Manappuram Group, had earlier this month finalised the raising of Rs 46.80 crore in working capital from Sequoia and Hudson Equity Holdings, an investment vehicle of IEP, a $300-million private equity fund.
Read more in The Business Standard article.
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