“Gaurav and the team have built a large lending business that supports the entrepreneurial spirit and seeks to address the country’s over US$300 billion of unmet MSME retail lending needs. The company has strong business fundamentals, an experienced team and the ability to serve and expand core segments such as agriculture, housing and rural underbanked areas,” said Rishi Mandawat, Partner at Bain Capital.
“We see compelling opportunities to work with Gaurav and his team to support and facilitate Adani Capital’s next phase of growth by providing access to significant capital, strategic and operational resources, and extensive experience working with financial services companies in India and around the world.”
Adani Capital is the non-bank financial corporate arm (NBFC) of Adani Group and started lending in April 2017. Adani Capital currently has nearly $500 million in assets under management, a network of more than 170 offices across eight states and a team of over 2,500 professionals.
Meanwhile, Adani Housing Finance, the housing finance arm of Adani Group, was established in 2017 to provide affordable housing customers with customized financing solutions and simplify the lending process for everyone.
Avendus Capital was the exclusive financial advisor to Adani Capital, Adani Housing Finance and their shareholders on this transaction. Rothschild was Bain Capital’s exclusive financial advisor on this transaction.
Boston-based Bain Capital has invested in diversified financial services companies in India and around the world including Axis Bank, 360One (fka IIFL Wealth), Judo Bank, L&T Finance Holdings, Legacy Corporate Lending and more.
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