Muthoot Finance Raises Rs 157Cr From Baring, Matrix Partners
Summary
With this, the company has also transitioned from being a pure family owned business to an entity with external investors.In one of the largest recent exits in the same space, Seqouia Capital made a 5x return on Mannapuram Finance, also a play on gold financing in India. The inclusion of global investors into our midst is a significant milestone and marks a new chapter in our journey. The support from such reputed investors is an endorsement of the robust business enterprise that we have nurtured and built over our lifetimes and that of our ancestors.Rahul Bhasin, Managing Partner, Baring Private Equity added, "We are excited with the opportunity to partner with one of the leading enterprises in Kerala and in India. Under the able guidance of the promoter group the company has constantly innovated to deliver customer-oriented products & personalized service delivery to set new benchmarks in the gold loan industry. Having been in business for last the 250 years ourselves we can appreciate the years of arduous effort required to build a brand of this stature and look forward to a long term association with the company for collectively achieving greater successes.According to a recent IMACS report, India is one of the largest gold markets in India with an annual demand of 700 tonnes.