Mumbai, India – 14th July, 2009: Norwest Venture Partners (NVP), a global, multi-stage investment firm, today announced that NVP has invested more than Rs.120 crores into publicly listed Shriram City Union Finance Limited (Shriram City) through a secondary market block purchase of shares in Shriram City. As a result of the transaction, NVP will own an equity stake of over 8% in Shriram City, the retail finance arm of the Shriram Group.
Niren Shah, Managing Director of NVP India, said, “NVP is honored to be investing in the Shriram Group and partnering with Shriram City, one of the leading non-banking financial services companies in India. Through its comprehensive and diversified range of product offerings, combined with its nation-wide presence across India serving over 1.5 million customers, Shriram City has become one of the leading players in this market. The size of the consumer finance market is expected to grow significantly over the next four to five years in India. Shriram City is extremely well regarded in the industry and has the proven track record and expertise in the financial sector to capitalize on this vast macro opportunity.”
About Shriram City Union Finance Limited
Shriram City Union Finance was established in 1986, and is part of the three decade-old Chennai-based Shriram Group. As a deposit-accepting non-banking financial company (NBFC), Shriram City is today India's premier financial services company, specializing in small-ticket retail finance. Shriram City has a comprehensive range of offerings comprising financing for consumer durables, 2, 3 and 4-wheeler finance (both new and pre-owned, passenger and commercial), personal loans, small business loans and retail gold loans. This has made Shriram City a dominant player in the field and the only NBFC offering a wide product range under one roof. In the last couple of years, various Private Equity investors like Asia Bridge, Bessemer, Cambridge, Chrys Capital, Merrill Lynch, ICICI Ventures and TPG Capital have invested in the Company. Please visit http://www.shriramcity.in for more information.
About Norwest Venture Partners
Norwest Venture Partners (NVP) is a global, multi-stage investment firm that manages more than $2.5 billion USD in capital. It has offices in Palo Alto, California, Mumbai and Bangalore, India and Herzelia, Israel. NVP makes early to late stage venture and growth equity investments across a wide range of sectors including: technology, financial services, infrastructure, consumer, agriculture, manufacturing, telecommunications, retail and healthcare. NVP has actively partnered with entrepreneurs to build great businesses for more than 48 years and has funded over 450 companies since inception.
Notable investments include Actel Corporation, Airespace (acquired by Cisco Systems), Cerent (acquired by Cisco Systems), Corio (acquired by IBM), Cray Research, Documentum, Extreme Networks , Forte Software (acquired by Sun Microsystems), National Stock Exchange of India (NSE), OnMobile (NSE: OnMobile), Open-Silicon (acquired by Unicorn Investment Bank), PeopleSoft, Qumranet (acquired by Red Hat), Rackspace (NYSE:RAX), Siara Systems (acquired by Redback Networks), SideStep (acquired by Kayak), Spinnaker Networks (acquired by Network Appliance), Tivoli Systems (acquired by IBM), Transaction Systems Architects (Nasdaq: ACIW), Verio (acquired by NTT), Winphoria Networks (acquired by Motorola) and Yipes (acquired by Reliance/Flag Telecom). For more information, please visit www.nvp.com.
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Media Contacts:
Regi Philip
Norwest Venture Partners
Mobile: +91 98197 75137
Email: regi.philip@nvp.com
Katie Belding
Norwest Venture Partners
Phone: 650.321.8000
Email: kbelding@nvp.com