AsiaTechDaily – Asia's Leading Tech and Startup Media Platform

  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • Events
    • Innovasion Exchange Programme
    • Startup Program
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
    • Unicorn interview
  • Governments
  • Events
  • Lists
  • Subscription Plan
  • Login
Menu
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • Events
    • Innovasion Exchange Programme
    • Startup Program
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
    • Unicorn interview
  • Governments
  • Events
  • Lists
  • Subscription Plan
  • Login
Submit Article
Menu
  • Topics
    • AI & Big Data
    • AR & VR
    • Blockchain
    • Clean Technology
    • Content & Games
    • Cybersecurity
    • Enterprise & SaaS
    • Gadgets & Electronics
    • Health & Bio
    • FinTech
    • IoT
    • Transportation & Logistics
    • Marketplaces & E-commerce
    • Ecosystem
    • Robotics
    • Investments
    • Events
    • Innovasion Exchange Programme
    • Startup Program
    • EdTech
    • Featured
  • Deals
    • Private Equity
    • Venture Capital
    • IPO & Markets
  • Interviews
    • Investors’ interviews
    • Founders’ interviews
    • Unicorn interview
  • Governments
  • Events
  • Lists
  • Subscription Plan
  • Login
Submit Article
Join Chat 💬
Venture Capital26 Dec 2024 1:16

SMFG Injects ₹3,000 Crore into SMFG India Credit for Growth and Inclusion

by developer
  • twitter
Bookmark (0)
Please login to bookmark Close

No account yet? Register

Sumitomo Mitsui Financial Group (SMFG), a Japanese financial institution, has infused ₹3,000 crore into SMFG India Credit Co. Ltd. through a rights issue. The capital infusion includes ₹300 crore allocated to SMFG India Home Finance Co. Ltd., a wholly-owned subsidiary of SMFG India Credit. 

SMFG India Credit Co. Ltd. (SMICC) reported Assets Under Management (AUM) of ₹49,800 crore, with a strong year-on-year growth of 25.1% as of September 30, 2024. This growth has been supported by Sumitomo Mitsui Financial Group’s (SMFG) equity infusions in 2024, including ₹1,300 crore in April and ₹3,000 crore in its latest rights issue. The total infusion of ₹4,300 crore marks the highest-ever annual capital investment received by SMICC since its inception.

SMFG stated that this strategic investment will help them encourage financial inclusion and support SMICC’s ongoing expansion. The additional capital is expected to further strengthen SMICC’s Capital Adequacy Ratio (CAR), enhance its financial stability and enable the company to more effectively cater to a diverse customer base.

Pankaj Malik, Chief Financial Officer of SMFG India Credit, highlighted that the enhanced capital base would enable SMICC to scale its operations and deliver innovative financial solutions to underserved communities across India. He added that the investment reflects SMFG’s confidence in the Indian market’s growth potential and SMICC’s vision of driving financial inclusion nationwide.

Tokyo-headquartered SMFG, one of the world’s largest global banking and financial services groups, offers a comprehensive portfolio of services, including commercial banking, leasing, securities, and consumer finance. The infusion ensures SMFG’s role in leveraging its global expertise to empower its Indian subsidiaries to achieve long-term economic growth and inclusion.

SMICC became a consolidated subsidiary of SMFG in 2021 after acquiring a 74.9% stake from Fullerton Financial Holdings Pte and the remaining 25.1% stake for $700 million from Angelica Investments Pte. 

The company primarily offers funding solutions for small and medium enterprises (SMEs), commercial vehicles and two-wheelers loans, home improvement loans, personal loans, and financing for rural livelihoods and micro-enterprises, among other financial services.

Tags: venture capital

Similar Articles

Venture Capital1 Sep 2025 4:01

Bluente Secures $1.5M Seed Plus to Scale AI-Powered Document Translation

More
Venture Capital29 Aug 2025 7:58

ZUZU Hospitality Secures $5.9M to Bring AI-Powered Revenue Tools to Independent Hotels

More
Venture Capital27 Aug 2025 5:10

Rachel Lau’s Iris Capital to Raise $200M for Private Credit and Equity Expansion

More

Topics

Menu
  • AI & Big Data
  • AR & VR
  • Blockchain
  • Clean Technology
  • Content & Games
  • Cybersecurity
  • Enterprise & SaaS
  • Gadgets & Electronics
  • Health & Bio

Program

Menu
  • Ecosystem
  • EdTech
  • Featured
  • FinTech
  • Investments
  • IoT
  • Marketplaces & E-commerce
  • Robotics
  • Transportation & Logistics

About

Menu
  • Home
  • About us
  • Privacy Policy
  • Collaborate with AsiaTechDaily
Facebook Instagram Linkedin
  • twitter

Subscribe and be informed first hand about the actual economic news.

All the day’s headlines and highlights, direct to you every morning.

© 2023 asiatechdaily. All rights reserved.