Growth Market Investor Actis Backs KV Srinivasan to Build SME Lender Profectus Capital in India

New Delhi, May 30 (KNN) In a bid to cater the financial needs of SME sector, global growth markets investors Actis is building a Non-banking Financial Company ‘Profectus Capital’ in India.

Aiming to provide secured lending to SMEs with a plan to fund the platform with up to US$220M of equity capital over a 5 year period, Actis is backing a team led by ex CEO of Reliance Commercial Finance, KV Srinivasan.

Talking about the project, Actic Partner and Head of South Asia Asanka Rodrigo said “we are looking to build a high quality, professional and successful institution focused on the core of the fast growing Indian economy, its SME sector.”

Profectus Capital will exclusively focus on lending to SME businesses operating in a dozen targeted sub-sectors.

 “The potential for providing finance for small businesses in India is immense if you understand your customers- how they think, how they operate and what their needs and aspirations are,” Profectus CEO KV Srinivasan.

He said at Profectus we have the right skills and expertise in understanding SMEs and providing not just the appropriate means of finance, but also be a partner in their progress.

Actis has an impressive track record in the financial services space and is a long term player- the perfect partner for us to grow the business, he added.

With highly developed expertise in financial services sector, Actis aims to play a significant role in building successful lending institutions in India.

“SMEs are a vital cog in the Indian economy and have a huge unmet demand for capital. We believe that NBFC’s are best placed to serve this demand in the most efficient manner,” indicated Actis Director Pratik Jain.