Hero FinCorp is looking to raise up to Rs 1000 crore at a valuation of $1 billion at its next funding round. Credit Suisse has approached several large domestic and global private equity funds for a potential investment.
The company expects to be valued around $1 billion. In the last funding round, Hero FinCorp was valued at close to Rs 4,000 crore. Since then, the company’s loan book size has grown significantly.
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In September, the non-banking finance company (NBFC) had raised Rs 1,000 crore from three investors, including Rs 570 crore from private equity fund firm ChrysCapital, Rs 132 crore from Credit Suisse Group and Rs 300 crore from Hero Group.
Hero FinCorp is the financial services arm of India’s largest two-wheeler maker Hero MotoCorp. Hero MotoCorp has a 40.3% stake in Hero FinCorp, while the rest is owned by other entities of Hero Group. Collectively Hero group owns 79% stake in Hero Fincorp. Hero FinCorp is led by Abhimanyu Munjal, the younger son of late Raman Munjal, elder brother of Pawan Munjal, chairman, managing director and CEO of Hero MotoCorp.
The NBFC has set a target of Rs 35,000 crore loan book size by 2020. A part of the equity funding received last year has been utilized for capitalising Hero Housing Finance Ltd, the home finance arm of the group incorporated in July last year.