SK Finance raises ₹400 crore from IIFL Wealth and others
SK Finance had around 220,000 active borrowers and assets worth around ₹4,100 crore under management as of 30th September. In the last seven years, its loan book has seen over 40% compounded annual growth rate

MUMBAI: Private equity (PE) firm TPG Growth-backed SK Finance Ltd, formerly Ess Kay Fincorp Ltd, has raised a ₹400-crore Series F funding round led by IIFL Wealth Management Ltd and other new investors. Incorporated in 1994, the Jaipur-based used vehicle and small business financier is backed by marquee investors such as TPG Growth, Norwest Venture Partners, Baring India, and Evolvence India Fund, which is invested in the company since 2017.
It has so far raised about ₹1,400 crore from six investors. Spark Capital acted as the financial adviser for the fundraise, it said in a statement.
SK Finance, a non-deposit accepting asset finance retail franchisee for the mid-market space, caters to five product segments, including commercial vehicles, agricultural and construction equipment, passenger vehicles, two wheelers and small businesses.
In May, it had raised ₹337 crore in a Series E round from TPG Growth, Norwest Venture Partners, and Evolvence Fund. SK Finance’s promoter Rajendra Setia, a first-generation entrepreneur, also participated in the round.
In 2018, PE firm BanyanTree Growth Capital exited the company after an investment from Norwest Venture. Last year, it raised ₹86 crore in debt funding from Swiss asset manager responsAbility AG.
As of 30 September, SK Finance had around 220,000 active borrowers and assets worth around ₹4,100 crore under management. In the last seven years, its loan book has seen over 40% compounded annual growth rate.
The company has expanded in 10 states with the on-ground sales, underwriting, and collection infrastructure catering to the underserved segments through its network of 390 branches. “The current investment will enable the company to continue its growth trajectory and further strengthen the leadership position built over the years... Our existing investors along with the new investors as well as our 55-plus lending partners add tremendous strength to our balance sheet and growth plans, as we remain committed to creating value for all our stakeholders," said Rajendra Setia, managing director and chief executive, SK Finance.
IIFL AMC is part of homegrown IIFL Wealth and Asset Management group, backed by Canadian billionaire Prem Watsa’s Fairfax Holdings.
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