India-based financial services platform DMI Finance has raised $400m in an equity investment round led by Japan-based Mitsubishi UFJ Financial Group (MUFG), through its subsidiary MUFG Bank.
The funding round also had participation from DMI Finance’s existing investor Sumitomo Mitsui Trust Bank.
DMI Finance stated that the equity investment round involves primary and secondary transactions.
The company is a pure-play digital lender engaged in offering products such as consumption, personal, and micro, small and medium enterprises (MSME) loans.
DMI Finance said that it makes use of technology for streamlining all the stages in the lending stack, from sales and underwriting through to customer service and collections.
The non-banking financial company provides customers with services through various digital channels.
The firm is said to be an embedded digital finance partner for Samsung, Google Pay, and Airtel among others, which collaborate with it to offer various kinds of financial products to their customers across India.
DMI Finance co-founder and joint managing director Shivashish Chatterjee said: “Powered by world leading digital infrastructure, India is in the midst of an unprecedented transformation. DMI Finance aims to be the trusted partner for Indian households and small businesses in addressing their rapidly growing financial needs.
“We are delighted to welcome MUFG and SuMi TRUST Bank on this pioneering mission, on which we embarked in 2016, of providing credit in real time to our clients.”
In January 2022, DMI Finance secured $47m in an equity investment round that involved the participation of Sumitomo Mitsui Trust Bank.
Established in 2008, the non-banking financial company is said to have over 40 offices in India.
It has raked in over $1.5bn of equity investment and is backed by global institutional investors, Indian and international banks, and strategic family offices.
The firm is anticipated to disburse more than $2.5bn in FY24 across its products.
