Vantage Point by EMVC - Sep 27 2024
Updates to keep up with the latest in fintech from our vantage point.
Welcome back,
This week, M2P announced its $102mm funding round. EQT acquired IndoStar Home Finance. Prosus invested in Vastu Housing Finance. UBS is in talks to form a JV in India for its wealth management business.
From the team at Emphasis Ventures.
If you’re a fintech startup or thinking about starting up, we’d like to meet you. At Emphasis Ventures, we’ve worked with founders of Slice, M2P, Khatabook, Bureau and many others from their early days.
EMVC portfolio company M2P raised $102mm led by Helios Investment Partners. On this occasion, M2P’s co founder and CEO Madhusudanan R said, "As the world's largest banking-as-a-service provider, this capital infusion will not only reinforce our leadership in India-where we've established a robust, comprehensive ecosystem - but also accelerate our ambitious global expansion efforts."
Private Equity investor EQT acquired IndoStar Home Finance for $210mm. IndoStar has $285mm in assets under management and will likely receive ~$60mm in primary capital infusion as a part of this deal.
In a related development, Prosus reportedly invested $100mm in secondary shares of Vastu Housing Finance. The company reported a loan book worth $1.1Bn in FY24.
Swiss bank UBS is in talks to form a joint venture for its wealth management business with India's 360 ONE. The latter manages $62Bn worth of invested assets in the country.
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