Non-banking financial company (NBFC) Clix Capital has raised Rs 220 crore ($26.3 million as per current rates) in a fresh equity round, led by existing investors including private equity player Apollo Global Management, along with Pramod Bhasin and Anil Chawla.
The capital infusion by shareholders reinforces their confidence in the management and the potential of the MSME lending model that Clix has built over the years, the company said in a release.
The company plans to use the funds to strengthen its lending capabilities across the MSME, education and healthcare equipment sectors, improve its credit profile and invest in new-age AI (artificial intelligence) and ML (machine learning) technologies.
“Our investment in Clix Capital has seen significant value creation. We see ample headroom for growth in Clix Capital’s journey as it expands its footprint in India’s growing MSME sector,” said Utsav Baijal, partner and head - India private equity, Apollo Global Management.
Clix Capital claims that it has achieved an AUM (assets under management) growth at a CAGR of over 30% over the last few years. The company’s current AUM stands at over Rs 6,000 Cr with GNPA (gross non-performing asset) of less than 2% and has surpassed Rs 26,000 crore in total lifetime disbursements.
It has a workforce of more than 1,000 employees.
Clix (formerly GE Money Financial Services Ltd) was initially established by the GE group to manage consumer finance, auto leasing, corporate lending, and healthcare equipment financing for GE products in India.
In March 2016, GE Group entered into a management buy-in arrangement with Bhasin and Chawla, former top executives at GE India, with backing from PE firm AION Capital Partners, which acquired an 85% stake. Plutus Wealth Management, Mauritius, holds 100% of Clix Capital, with Apollo being the majority shareholder.
