Mumbai, October 30, 2024: South India-based non-banking financial company (NBFC) Kanakadurga Finance Ltd is in talks with private equity funds to raise a Series B equity fund of Rs. 100-Rs. 125 crore. It has appointed Intellecap, an advisory and consulting arm of Aavishkaar Group, for the same.
Kanakadurga focuses on the used commercial vehicle financing across semi-urban and rural geographies. Started in Vijayawada, the company has now expanded across 6 states and one Union Territory, with 154 branches and expected to close the year with Rs 800+ crore AUM.
About Intellecap
Intellecap, a part of the Aavishkaar Group is a pioneer in building enabling ecosystems and channelling capital to create and nurture a sustainable & equitable society. Founded in 2002, Intellecap works across critical sectors like Agriculture, Livelihoods, Climate Change, Clean Energy, Financial Services, Gender & Inclusion, Healthcare, Water and Sanitation, and has delivered over 700 global engagements across 60+ countries and syndicated investments of over $1.1 Billion USD in Capital. Intellecap through its presence in India and Africa provides a broad range of Consulting, Research and Investment Banking Services, to Multilateral Agencies, Development Finance Institutions, Social Enterprises, Corporations, Investors, Policy Makers and Donors. Our common action platform, Sankalp Forum, one of the largest global inclusive development platforms, brings together the ecosystem to shape the way markets work for delivering the SDGs 2030. Select clients of Intellecap include the USAID, World Bank, Ford Foundation, The Hans Foundation, Doen Foundation, GIZ, DFID, Hindustan Unilever, P&G, International Finance Corporation, Asian Development Bank and Michael and Susan Dell Foundation. For more details please visit, www.intellecap.com
About Kanakadurga Finance
The success of KFL has been in identifying areas and niches which have limited coverage of banks and making significant inroads into the hearts and minds of customers, by meeting their funding needs. We leverage on alternative and tech-driven credit appraisal methodologies to gauge creditworthiness, which lets us target the ones left traditionally underserved by banks and financial institutions. The use of technology to optimise business processes keeps our cost in check and allows us to maintain consistent profitability since our inception.—
