CashNews.co
DMI Finance Private Limited (“DMI Finance”), the NBFC arm of the DMI Group (“DMI Group”), today announced an INR 2798 crore (approximately USD 334 million) equity investment by Mitsubishi UFJ Financial Group, Inc. (“MUFG”) through its consolidated subsidiary MUFG Bank, Ltd (“MUFG Bank”). This brings the total investment by MUFG in DMI Finance to INR 4712 crores (approximately USD 565 million).
DMI Finance is a digital-first NBFC that offers products such as Consumption, Personal and MSME Loans. It leverages technology to optimize every step of the lending process, from sales and underwriting to customer service and collections.
DMI Finance sources and services customers through multiple digital channels. In particular, it is an embedded digital finance partner of choice for leading businesses including Samsung, Google Pay and Airtel which work with DMI Finance to provide diverse financial products to their customers across India.
DMI Finance’s operations cover an accessible customer base of 25 million across 95% of India’s PIN Codes. It disbursed $2.25 bn in FY 2024. The company is rated ‘AA’ by ICRA and supported by leading Indian and international banks.
Shivashish Chatterjee, Co-Founder of the DMI Group said: “We are gratified that MUFG has forcefully reiterated its confidence in DMI’s vision for MSME and Consumer finance in India. We believe that their unparalleled experience in building a global franchise of prestige will be an invaluable guide for us as we execute our mission of providing access to sustainable finance for all aspiring Indians.”
Yuvraj C. Singh, Co-Founder of the DMI Group said: “Long-term support by high-quality global investors is an essential ingredient of any successful financial services business. We are delighted for MUFG’s continued vote of support.”
Masakazu Osawa, Managing Executive Officer, Chief Executive for Asia Pacific of MUFG Bank said: “We are delighted to announce our additional investment in DMI Finance, a significant step that showcases our commitment to the company and the Indian market. Since our first investment in April 2023, the company has been proving its ability to expand its consumer finance business and we have been developing a robust collaboration agenda from various angles which includes business collaborations with MUFG group companies and portfolio companies, provision of MUFG’s financial solutions, and knowledge sharing. Through our additional strategic investment in DMI, we aim to further capture the growth of the digital finance market in India, deepen collaboration with MUFG as well as contribute to financial inclusion in the country by supporting DMI’s growth.”