Hero FinCorp, which took birth as Hero Honda FinLease Ltd in December 1991, recorded a turnover of Rs.771 crore in 2015-16 against Rs.298.62 crore in 2014-15. Mumbai: Hero FinCorp Ltd, the financial services arm of India’s largest two-wheeler maker Hero MotoCorp Ltd, is close to raising around $100 million from private equity (PE) investors, two people aware of the development said. Hero FinCorp started out by extending working capital loans and medium-term finance to component suppliers and dealers of parent firm Hero MotoCorp, then called Hero Honda Motors Ltd. Hero FinCorp planned to raise $100 million (Rs.650 crore) by selling a significant minority stake to PE funds to fuel its expansion into new areas, Mint reported in November last year. In 2015, PE investments in India’s financial services sector grew 83% to $2.2 billion from $1.2 billion in 2014.

Source: Mint August 11, 2016 18:56 UTC