Clix Capital, a new-age non-banking finance company, has raised Rs 220 crore in an equity funding round led by its existing investors Apollo Global Management, Pramod Bhasin, and Anil Chawla.
The Gurugram-based company plans to use these funds to enhance its lending capabilities across the MSME, education, and healthcare equipment sectors, as well as to invest significantly in new-age technologies.
Rakesh Kaul, the chief executive officer of Clix Capital, expressed that this funding round will further motivate the teams to fulfill their purpose of serving the underserved MSMEs across India. This funding comes at a timely moment, considering the government’s emphasis on the MSME sector and its vision for Viksit Bharat.
Currently, the company’s assets under management (AUM) stand at over Rs 6,000 crore, with gross bad loans at less than 2%. In March 2023, the company reported an AUM of Rs 4,484 crore. Overall, the company has disbursed Rs 26,000 crore worth of credit to the MSME sector.
With a workforce of more than 1,000 employees, Clix Capital has expanded its operations to over 2,100 pin codes across India.
Clix Capital was formerly known as GE Money Financial Services, established by the GE Group for lending operations in India. In March 2016, GE entered into a management buy-in arrangement with former GE top executives Pramod Bhasin and Anil Chawla. Data from Tracxn indicates that Clix Capital has raised around $43 million in equity funding, with the last equity round announced in October 2023.
