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Jaipur-based auto loan company Au Financiers has raised $21 million from a clutch of investors to expand into newer geographies and launching new product lines.
The World Bank group arm International Finance Corporation, Wargburg Pincus, Chrys Capital — all existing investors in the company — collectively pumped in $21 million in the latest round, while Motilal Oswal Securities got added as a new investor with an investment of $3 million, Au Financiers said in a statement.
The investment, which is the fourth round of capital raising by the non-bank lender, was done through a preferential allotment of shares, it said. The proceeds from the infusion will be used for further development of product verticals and expanding its branch network in 10 states, the statement said.