The Times of India said the investment was the second in Ratnakar by Norwest and Faering, and would be used to grow loans in a country where demand for credit is at about 17 per cent, citing two people familiar with the deal.
The report said Gaja Capital, GPE (India), Argonaut Ventures, and UTI invest Advisory were the other investors.
Last week Aditya Birla Capital Advisors also agreed a partial exit for Credit Analysis & Research through the sale of a 1.16 per cent stake for INR310m ($5.7m).
The deal represented a quarter of Aditya’s stake in the credit ratings agency following the company’s IPO in December 2012. It now holds a 3.1 per cent stake in the company.
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