Aseem Infrastructure Finance Acquisition, Valuation, Funding & Investors

Aseem Infrastructure Finance was acquired by GIC, ICICI Bank and TPG for $524M in July 2026.

Aseem Infrastructure Finance acquisition price

$524M

Acquired by GIC, ICICI Bank +1 · Jul 2026

Key investors in Aseem Infrastructure Finance

  • National Investment and Infrastructure Fund

Aseem Infrastructure Finance Overview

About Aseem Infrastructure Finance

Aseem Infrastructure Finance is a Mumbai-based infrastructure finance company created and capitalised by NIIF's Strategic Opportunities Fund in 2019. It is registered with the Reserve Bank of India as a non-deposit-taking infrastructure finance company and provides long-tenor debt to greenfield and operating projects. Its lending spans roads, renewable energy, power transmission, airports, data centres and other core infrastructure. The business earns interest and fees from project and corporate lending rather than operating infrastructure assets directly. Aseem complements NIIF Infrastructure Finance, which focuses principally on operating assets, by financing earlier-stage and under-construction projects. NIIF built Aseem as a controlled operating financial-services platform and later agreed to sell it to a TPG-led consortium, subject to completion after the research cutoff.


Founded

2019

HQ

IndiaMumbai

Status

Acquired

Customer focus

B2B

Revenue model

Services

Valuation

$524M (acquired Jul 2026)

Aseem Infrastructure Finance Acquisition

Aseem Infrastructure Finance was acquired by GIC, ICICI Bank and TPG for $524M on 6 July 2026.

TPG, through its TPG Rise Climate platform, signed definitive agreements on July 6, 2026 to acquire 100 percent of Aseem Infrastructure Finance from the National Investment and Infrastructure Fund (NIIF), alongside co-investors GIC and ICICI Bank. ICICI Bank will hold up to 5 percent of the company. The investment is part of TPG's Global South Initiative, a climate strategy launched in partnership with ALTERRA to scale climate solutions across emerging markets. The transaction remains subject to customary regulatory approvals and closing conditions, and financial terms were not disclosed in the announcement, with press reports putting the value at around INR 4,800 crore. NIIF, India's sovereign-anchored alternative asset manager, founded and scaled the company from inception in 2020 and is its majority shareholder, with the Government of India and SMBC Japan as minority shareholders. TPG partner Sanjeev Mehra said the company is positioned to address India's growing climate debt financing needs, in line with the government's target of 500 GW of renewable capacity by 2030. Aseem Infrastructure Finance is headquartered in Mumbai and is a sustainable infrastructure debt financier focused on renewable energy, power transmission and other infrastructure assets in India. It has disbursed over INR 40,000 crore of loans, funding more than 27 GW of renewable energy projects and about 2,000 circuit kilometres of power transmission.

Aseem Infrastructure Finance acquisition details
AcquirerDateTypePrice
6 Jul 2026PE buyout$524M

Sources: niifindia.in, dealstreetasia.com, tpg.com, livemint.com

Aseem Infrastructure Finance Funding History

Aseem Infrastructure Finance has raised 1 funding round.

Aseem Infrastructure Finance funding rounds
DateStageInvestorsDeal Summary
May 2019Strategic investmentNational Investment and Infrastructure FundNIIF's Strategic Opportunities Fund established Aseem Infrastructure Finance during May 2019 as a controlled non-bank lender dedicated to greenfield and under-construction infrastructure. NIIF's official journey and factsheet identify the platform as its second infrastructure debt-finance company, complementing the acquired NIIF Infrastructure Finance business. Aseem obtained Reserve Bank of India registration as an infrastructure finance company and built a lending book across roads, renewable power, transmission, airports, data centres and other essential assets. Its commercial model is to earn interest and fees by underwriting long-tenor infrastructure credit, not to act as a fund manager. Creating the company exposed NIIF directly to the equity economics and governance of a financial-services platform while allowing it to mobilise further debt capital into Indian infrastructure. Government capital provided later to NIIF or its financing platforms is excluded from this deal because it was sponsor funding rather than a separate third-party acquisition. A July 2026 agreement to sell Aseem to a TPG-led consortium remained subject to completion and is separately listed as an exclusion.

Who has invested in Aseem Infrastructure Finance?

1 investor has backed Aseem Infrastructure Finance across its funding rounds, including National Investment and Infrastructure Fund.


Aseem Infrastructure Finance Investors

Investors in Aseem Infrastructure Finance by funding rounds participated
InvestorHQRoundsRoleFirst check

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Aseem Infrastructure Finance Competitors

Aseem Infrastructure Finance competitors include listed companies like MAS Financial Services, Grenke, Northern Arc Capital and SG Finserve, and private ones like GetBack and Renovate America.

Public and private companies comparable to Aseem Infrastructure Finance
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
MAS Financial ServicesIndiaIndiaPublicly listed$163M$30M$512M13.0x
GetBackPolandWroclawPrivate--$510M-
GrenkeGermanyGermanyPublicly listed$1.1B$213M$508M7.1x
Renovate AmericaUnited StatesSan Diego, CAPrivate--$500M-
Northern Arc CapitalIndiaIndiaPublicly listed$243M$56M$489M8.8x
SG FinserveIndiaIndiaPublicly listed$35M$32M$488M43.9x

Aseem Infrastructure Finance Public Comps

Aseem Infrastructure Finance is no longer listed, but its public comps include MAS Financial Services, Grenke, Northern Arc Capital, SG Finserve, PRA Group, eGuarantee, Nuveen Churchill Direct, Jana Small Finance Bank, Fedbank Financial Services and ARCIL.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
MAS Financial Services$163M$30M10.2x13.0x55.0x-
Grenke$1.1B$213M5.3x7.1x27.1x40.6x
Northern Arc Capital$243M$56M8.0x8.8x34.5x-
SG Finserve$35M$32M26.8x43.9x29.3x-
PRA Group$1.2B($128M)3.4x3.3x(32.5x)10.1x
eGuarantee$70M$33M5.7x5.5x12.1x12.0x
Nuveen Churchill Direct$180M-8.7x8.6x--
Jana Small Finance Bank$356M-1.3x1.1x--

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Common questions about Aseem Infrastructure Finance

When was Aseem Infrastructure Finance founded?Aseem Infrastructure Finance was founded in 2019.
Where is Aseem Infrastructure Finance headquartered?Aseem Infrastructure Finance is headquartered in Mumbai, India.
Is Aseem Infrastructure Finance publicly listed?No, Aseem Infrastructure Finance was acquired by GIC, ICICI Bank and TPG in July 2026.
Who acquired Aseem Infrastructure Finance?Aseem Infrastructure Finance was acquired by GIC, ICICI Bank and TPG in July 2026.
How much was Aseem Infrastructure Finance acquired for?Aseem Infrastructure Finance was acquired for $524M in July 2026.
What was Aseem Infrastructure Finance's last funding round?Aseem Infrastructure Finance's last funding round was a strategic investment round in May 2019.
Who are Aseem Infrastructure Finance's investors?Aseem Infrastructure Finance's investors include National Investment and Infrastructure Fund.
Which companies are comparable to Aseem Infrastructure Finance?Companies comparable to Aseem Infrastructure Finance include MAS Financial Services, GetBack, Grenke, Renovate America, Northern Arc Capital and SG Finserve.

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