U.S. private equity funds to buy minority stake in Esskay Fincorp for about $65 mln

U.S. private equity funds such as Carlyle, Warburg Pincus, Goldman Sachs and Morgan Stanley have sought to acquire a significant minority stake in Indian financial services firm Esskay Fincorp.

The funds plan to invest about $65 million in the Esskay, which is already backed by funds such as Norwest Venture and Baring Private Equity India.

Besides the global funds, other funds keen for the stake include Malaysia based Creador and ChrysCapital Advisors. This will be a primary infusion as a growth capital in the company. The company is aiming at a loan book of $357.4 million by March 2019 and $858 million by 2022.

In January 2018, Esskay raised $28.5 million from U.S.-based venture capital firm Norwest Venture Partners, Baring Private Equity India and Evolvence India.