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Tuesday, April 26, 2011

NetAmbit raises Rs 50 crore

BANGALORE: NetAmbit, a financial services distribution company, has raised Rs 50 crore in a mix of equity and debt that marks the third round of capital infusion for the company.

Existing investors Helion Venture Partners and Bessemer Venture Partners will provide Rs 40 of equity capital, while Silicon Valley Bank subsidiary, SVB India Finance will lend Rs 10 crore as venture debt.

"A substantial portion of this round of funding will be used to invest in IT infrastructure," said , NetAmbit chairman and managing director Girish Batra. The company is planning to use a part of the investment to expand its office network for training additional manpower.

Recently, the company also acquired Rupee-Talk .com, a personal finance portal, to establish a presence in the expanding internet space. In earlier rounds, Helion and Bessemer had co-invested in the firm by putting in Rs 50 crore in December 2009. The Noida-based firm had also raised a first round of Rs 15 crore from Bessemer in 2007.

Private equity investments in the banking and financial services sector has been on the rise with nearly 44 deals worth $1,045 million in the sector during 2010, according to research firm Venture Intelligence .

Last month, global venture capital firm Walden International invested $6 million in, an online distributor of consumer loans and insurance products. For NetAmbit, a fourth round of capital infusion has also come from debt, an asset class that many entrepreneurs are now accessing more frequently.

Source: EconomicTimes


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