CashNews.co
DMI Finance, the NBFC arm of the DMI Group, announced that it has received a Rs 2,798 crore (approximately $334 million) equity investment from Mitsubishi UFJ Financial Group (MUFG) through its consolidated subsidiary MUFG Bank.
This brings the total investment by MUFG in DMI Finance to Rs 4,712 crore (approximately $565 million). MUFG had first invested in DMI Finance in April 2023.
DMI Finance is a digital-first NBFC [non-bank finance company] that offers products such as consumption, personal and MSME loans. It claims to leverage technology to optimise 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.
“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,” said Masakazu Osawa, Managing Executive Officer, Chief Executive for Asia Pacific of MUFG Bank in a media statement.
Founded in 2008, the DMI Group is a pan-India financial services platform with core businesses in digital finance, housing finance and asset management. It has raised over $1.5 billion in investment capital to date and is supported by global institutional investors, strategic family offices and leading Indian and international banks.