Mumbai: Financial Services focused Edelweiss Group on Wednesday said US-based Kora Management will invest up to $125 million (around ₹875 crore) in the group.
Kora Management, an investment firm focused on financial and technology sectors across emerging markets, is already an investor in Edelweiss. Kora has committed to invest $75 million (around ₹525 crore) in Edelweiss' advisory business-- Edelweiss Global Investment Advisors (EGIA) -- subject to structuring-related milestones, Edelweiss said in a statement.
EGIA includes the businesses of asset reconstruction, wealth & asset management and institutional client group, together contributing nearly 50% to Edelweiss' profits.
In addition to this investment, Kora plans to make another investment of $50 million (around ₹350 crore) in Edelweiss, the timing and structuring of which is being finalized.
The Edelweiss Group is also in talks with other investors to join this first external investment round in EGIA, which will be limited to $200 million (approx Rs1,400 crore) in total.
“Kora Management is directly aligned with the strategic goals of the business, and we are very happy to strengthen our already long association. Our customers will benefit immensely from Kora’s acumen in technology and financial services across emerging markets, and their investment will help us scale our businesses in a competitive market environment," said Rashesh Shah, chairman and CEO of Edelweiss Group.