Akshata Sharma
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Fintech platform Northern Arc Capital has raised $75 Mn (INR 620 Cr) through non-convertible debentures (NCDs) from the Dutch entrepreneurial development bank FMO.
The Chennai-based fintech platform said that the debentures will be listed on the BSE for a tenure of five years. It also plans to deploy the fresh proceeds to fuel its retail microloans, MSME loans and green loans.
Founded in 2009, Northern Arc provides credit facilities to MSMEs, Indian households, financial institutions and emerging businesses, including startups. It has backed startups like Rebel Foods, ProsParity, slice, BharatPe, among others.
The money is raised through issue of senior secured, listed Non-Convertible Debentures (NCDs), according to a statement.
The transaction takes the overall exposure of the lender from FMO to USD 125 million, the statement said.
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