Northern Arc raises $130mn from IIFL, Affirma Capital

Chennai: Custom made debt financial platform Northern Arc Capital (formerly IFMR Capital), has raised Rs 910 crore or $130 million in equity in a combination of primary and secondary money, from a fund managed by IIFL and Affirma Capital, which doubles the networth to Rs 1,200 crore.

As part of this transaction, early investors Dvara Trust, LeapFrog Investments and Accion will partially sell their stake in the company, but will however continue to stay significantly invested and remain bullish on the business. With this round of funding, the total equity raised by Northern Arc stands at Rs 1,400 crore ($200 million).

Affirma Capital, a newly formed, independent private equity firm to be managed by the team of Standard Chartered Private Equity (SCPE). The Stanchart arm, an existing investor, has also invested in the company.

Following this investment, Amit Mehta, Principal, IIFL Private Equity will join the board of the company.

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