NEW DELHI: DMI Finance has raised $123 million from South Korea-based NXC Corporation, valuing the Delhi-based non-bank finance company founded by two former Wall Street bankers at over $1 billion, according to a source. Total equity funding raised by DMI since inception is $800 milion.
The quantum of stake purchased could not be ascertained, though NXC founder Jung-ju Kim was among the early investors in DMI group, as per a source. NXC owns the largest gaming company in South Korea.
A DMI spokesperson confirmed the fund raise but declined specific details. “We have been continually able to raise substantial capital despite the complex operating environment post IL&FS and now with Covid,” the spokesperson said.
DMI Group has a housing finance arm and a consumer lending business. It has a tie-up with Samsung for financing mobile phone purchases of its customers. The group has deployed Rs 15,000 crore in loans and investments.
It recently raised $200 million through an issue of non-convertible debentures from foreign portfolio investors. DMI’s non-bank finance arm has a net worth of Rs 3,500 crore as per its latest balance sheet.
DMI was founded by two former Citigroup executives, Shivashish Chatterjee and Yuvraj Singh, over a decade ago. The Co-founders were both managing directors at Citi’s proprietary trading unit in New York before they returned to India to start the finance company. The Burman family of Dabur were among early investors in the company that now has a pan-India footprint with 40 offices.