MSME lender TruCap Finance raises Rs 105 cr capital from Zeal Global Opportunities Fund

ENA MSME 2022-12-20 11:03:26 Mumbai, Dec 20 (KNN) TruCap Finance Limited (TRU) has announced a binding agreement to raise up to Rs 105 crore (nearly USD13.1 million) in a combination of equity shares, convertible warrants, and non-convertible debentures from Zeal Global Opportunities Fund. <a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a> The fund raise would comprise of Rs 80 crore of equity and convertible warrants, while up to Rs 25 crore would be infused through NCDs in the company. Rakesh Sethi, Chairperson of the Board of TruCap commented, We are delighted to bring on-board Zeal Global Opportunities Fund and appreciate their belief in TRUs potential to tap the unmet MSME credit demand in India. The current funding round once completed will enhance the companys equity base to approximately Rs 325 crore. This will invigorate TRUs efforts to build business at a greater scale with speed, while we continue what we do best, which is to empower small business owners by enabling credit inclusion through Lending-as-a-Service (L-a-a-S), with a robust risk management framework, said Rakesh. In conjunction with this funding round, TRU proposes to integrate the retail MSME lending vertical of Exclusive Leasing & Finance Pvt. Ltd. (EZ Capital) with itself. EZ Capital is a well-capitalised, North India headquartered NBFC, focused on providing secured and affordable finance to the MSME sector in India. It currently operates across 10 branches with 109 team members in Delhi NCR and Punjab. Speaking on this development, V.K. Bhandari, Chairman of EZ Capital remarked, The combined expertise will foster deep sourcing, distribution, and servicing capabilities to build a pristine quality loan book, via L-a-a-S partnerships with banks and financial institutions to support inclusive economic outcomes for all. We look forward to leverage on each others strengths to build customer centric solutions and accomplish our resolve to promote financial inclusion, he said. TRU provides MSME business loans and MSME gold loans through a growing network of more than 67 branches in 6 key states, Maharashtra, Delhi-NCR, Madhya Pradesh, Goa, Gujarat, and Rajasthan. The company plans to grow its branch network to 75+ by March 2023. Till date, it has disbursed a total of Rs 1,132 crore across more than 121,000 loans to underserved businesses in India. (KNN Bureau) 31626 https://knnindia.co.in/news/newsdetails/msme/msme-lender-trucap-finance-raises-rs-105-cr-capital-from-zeal-global-opportunities-fund 2022-12-20 11:03:26 knnindia.co.in MSME lender TruCap Finance raises Rs 105 cr capital from Zeal Global Opportunities Fund