Northern Arc, Which Is Planning an IPO, Receives $80 Million From the IFC

The Chennai-based non-banking lender would use the new funds to further expand and broaden its reach to end consumers.

This comes at a time when the financial services firm has refiled draft documents with market regulator SEBI for an initial public offering.

Northern Arc, a non-banking lender, has raised $80 million (INR 667 crore) from the World Bank Group’s private-sector investment arm.

Northern Arc plans to use the new funding to expand its operations and reach out to new clients.

Northern Arc, a non-banking financial corporation (NBFC), was founded in 2009 with the goal of providing a range of retail credit services to India’s underserved households and enterprises.

It has developed competence in enabling lending across a variety of sectors, including MSMEs, MFIs, consumer financing, auto financing, affordable housing financing, and agriculture financing.