DMI Finance bags $400m equity funding led by MUFG
Indian digital lender DMI Finance has raised $400 million in an equity investment round led by Mitsubishi UFJ Financial Group through its subsidiary MUFG Bank (MUFG).
Also taking part in the round was existing investor Sumitomo Mitsui Trust Bank. The funding brings the firm’s total equity investment to more than $1.5 billion.
Founded in 2008 and based in New Delhi, DMI Finance provides consumption, personal and micro-, small and medium-sized enterprise (MSME) loans through various digital channels, particularly as an embedded finance partner for businesses including Samsung, Google Pay and Airtel to provide financial products to their customers across India.
The firm claims a customer base of 25 million users, with a growth projection of over 40 million users by FY2024. Through the investment, DMI Finance plans to promote financial inclusion in the country and cater to the “large underserved population” in India by providing clients with “credit in real time”.
DMI Finance last raised $47 million in an equity round led by Sumitomo Mitsui Trust Bank in December 2021.