Hero FinCorp is looking to raise Rs 1,000 crore in a fresh round of funding from private equity (PE) investors. Singapore investment firm, Temasek Holdings Pvt. Ltd., and India-focused PE fund, ChrysCapital LLC are in the final stages of talks with Hero FinCorp.
Hero FinCorp will use the funds for expansion of business and diversification to non-organic areas. The company will be focusing on three main non-organic areas – insurance, wealth management and brokerage.
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As part of the deal, the company could dilute partial stake for raising this money. Currently, Hero MotoCorp has 40% stake in Hero FinCorp.
Hero FinCorp aims to increase its asset size to Rs 35,000 crore by 2020 from the current level of Rs 10,000 crore.
Hero FinCorp is a non-banking finance company (NBFC) and the retail lending arm of Hero MotoCorp. The company has a presence at over 1,000 retail financing touch-points across Hero MotoCorp’s network and has partnered with more than 200 satisfied corporate clients.