Warburg buys 90% stake in Vistaar Finance for $250 million
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The acquisition has been done in partnership with banker Avijit Saha, who has joined the company as Chief Executive Officer (CEO). This is Warburg’s biggest bet in the country’s financial sector. Vistaar is currently present in 12 Indian states and has over 40,000 customers and over 2,500 employees.
Private equity firm Warburg Pincus has acquired 90 per cent stake in non-banking company Vistara Finance for $250 million. The private equity major said in a statement that the stake in the 13-year-old company was acquired through a combination of primary and secondary investment. The acquisition has been done in partnership with banker Avijit Saha, who has joined the company as Chief Executive Officer (CEO). This is Warburg’s biggest bet in the country’s financial sector. Vistaar is currently present in 12 Indian states and has over 40,000 customers and over 2,500 employees.
Warburg has acquired this stake from existing investors and founders. The company had assets under management of over Rs 3,150 crore at the end of March. Narendra Ostwal, managing director, Warburg Pincus, said Vistara has emerged as a major lender to small businesses in smaller towns and rural areas. These sectors are deprived of formal sources of credit.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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