Small businesses-focused lender Ashv Finance on Wednesday announced that Encourage Capital has invested $10 million (about Rs 83.33 crore) into the company.
The non-bank lender, which has over Rs 1,000 crore of assets under management at present, is planning to launch a rooftop solar finance facility for small and medium businesses with the capital, according to a statement.
The quantum of the acquired stake in the small businesses-focused lender was not revealed.
At present, it operates at 180 locations across 15 states and the funding will also be deployed for expanding its reach, the statement said.
Ashv Finance's managing director Nikesh Kumar Sinha said the company aims to disburse Rs 390 crore of loans under the rooftop solar space in the next five years.
Without disclosing a timeline, Sinha said the company is targeting to take its overall AUM to Rs 1,800-2,000 crore.
Intellecap acted as the sole advisor to Ashv Finance for this transaction, the statement added.
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