AviDMI Group, a Delhi based NBFC Group has now secured funding of $123 million from the South Korean gaming company Nexon.
This round of equity is led by the DMI Limited, the holding company of the Indian lending arms of DMI. The investment of DMI Limited was, in turn, led by the NXC Corporation, said the announcement.
DMI, as of now, has plans to use the fresh funding to accelerate its balance sheet growth in the digital consumer and micro, small and medium enterprises finance businesses. With more than 300 million Indians waiting to be “fin-cluded”, Nexon will be able to financial technology segment in India.
“NXC sees this as an opportunity to have an impact on financial inclusion in India where a large part of the population is locked out of the formal credit markets,” it added.
A DMI spokesperson, said,
“The past 18 months have been a complex operating environment for financial services companies – from the liquidity crisis engendered by the IL&FS default to the economic repercussions of COVID-19. Throughout this period, DMI has been able to continually raise substantial capital and has added $343 million of equity capital and $350 million of FPI- subscribed NCDs. N.I.S New Investment Solutions, the largest shareholder in DMI Limited, participated in each of those funding rounds.”