The fresh capital takes the total equity infusion in Credit Saison India, a digital non-banking finance company (NBFC), to INR16bn ($196.37m).
According to the Bengaluru-headquartered digital lender, the most recent capital boost came in two tranches from Saison International, Credit Saison’s global business division.
Since its founding in 2019, Credit Saison India is said to have extended over a million loans to consumers, SMEs, fintechs, and other NBFCs
Currently, the firm has INR50bn ($613.67m) in assets under management (AUM), and over the next 12 months, Credit Saison India aims to increase AUM to over INR80bn ($981.88m).
Credit Saison India chief executive Presha Paragash stated that for funding, the NBFC is backed by the likes of State Bank of India (SBI), Axis Bank, Bank of Baroda, Punjab National Bank, Canara Bank, Mizuho, Sumitomo Mitsui Banking Corporation and MUFG Bank among others.
Saison International chief executive Kosuke Mori said: “We want to enable growth of accessible credit in India and we believe the $1bn AUM target is only a stepping stone for the India business given the huge underserved market for credit here.”
Founded in 1951, the Tokyo Stock Exchange-listed Credit Saison began operations as a credit card issuer in Japan.
Currently, the firm is engaged in offering a variety of financial services across sectors, such as leasing, payments, finance, real estate and entertainment.