Vistaar Gets .` 160 cr in Fresh Funding
Existing private equity investors, led by WestBridge , took part in latest round of capital infusion
WestBridge Capital, which typically invests in listed companies, is leading a .` 160-crore investment in Bangalore-based non-banking finance company (NBFC) Vistaar Finance. Existing private equity investors Elevar Equity, Omidyar Network and Saama Capital have also participated in this round of funding. ET was the first to report that WestBridge Capital will lead a new round of funding in Vistaar Finance, last week. EY was advisor to the deal. Vistaar Finance lends to micro, small & medium enterprises (MSMEs), which are primarily not funded by banks. The four-year-old NBFC's loan size ranges from .` 35,000 to .` 25 lakh. With this investment, the team at WestBridge Capital will look to recreate its past success from bets it took on financial services companies such as microfinance player SKS Microfinance and gold loan retailer Manappuram Finance. The team that carved out of Sequoia Capital India in 2011 made more than 5 times on its complete exit from Manappuram, and around 15 times from its partial exit during the SKS Microfinance public offer. “We have been very impressed with the size of the market opportunity, and the quality and vision of the promoters of Vistaar,” said Sumir Chadha, founder and MD, WestBridge Capital US Advisors.