Delhi-based Hero FinCorp, a non-banking finance company (NBFC), has raised Rs 2,000 crore ($267 million) from Apollo, Hero MotoCorp, and others.
Apollo Global Management, through its Hybrid Value Fund, has committed Rs 937 crore ($125 million), along with Hero MotoCorp (a key sponsor of Hero FinCorp) committing Rs 700 crore ($94 million), the balance being contributed by others.
With this fresh capital infusion, the net worth of the company, which is rated AA+ by ICRA and CRISIL, will be Rs 6,782 crore ($900 million) on a consolidated basis, the company said. The fundraise was approved by the boards of Hero MotoCorp and Hero FinCorp in January 2022.
The finance company plans to use its latest fundraise to support its growth strategy as the company continues to further expand its product offerings across India’s retail, SME, and corporate lending landscape.