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- DMI Finance
DMI Finance Valuation, Funding & Investors
DMI Finance is valued at $3B as of August 2024.
Last DMI Finance valuation
$3B
Undisclosed stage · Aug 2024
Last DMI Finance funding round
$334M
Undisclosed stage · Aug 2024
Cumulative funding DMI Finance raised
$1.1B
across 5 funding rounds
Key investors in DMI Finance
Sumitomo Mitsui Trust Bank
MUFG Bank
NEXON
New Investment Solutions
About DMI Finance
DMI Finance is a New Delhi-headquartered non-banking financial company offering personal loans, home loans, business loans, and vehicle financing. The firm operates over 400 branches across 10 Indian states serving urban and rural customers. DMI Finance partners with banks and institutional investors for funding consumer and MSME credit products.
Founded
2008
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Product sales
Valuation
$3B (Aug 2024)
DMI Finance Valuation
DMI Finance is currently valued at $3B, based on its undisclosed-stage round in August 2024.
The $334M round was led by MUFG Bank.
DMI Finance's valuation has grown 3.0x from $1B at its strategic investment round in April 2020 to $3B in August 2024, across 2 priced rounds.
DMI Finance valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2024 | Undisclosed stage | $3B |
| Apr 2020 | Strategic investment | $1B |
DMI Finance Funding History
DMI Finance has raised a total of $1.1B across 5 funding rounds.
DMI Finance's first fundraising round was a $230M undisclosed-stage round in January 2019. The most recent completed round was a $334M undisclosed-stage round in August 2024.
DMI Finance funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2024 | Undisclosed stage | MUFG Bank (lead) | $334M | $3B | DMI Finance, a digital-first non-banking financial company (NBFC) based in New Delhi, India, provides consumption loans, personal loans, MSME loans, point-of-sale (POS) financing, and working capital solutions through partnerships with brands like Samsung, Google Pay, and Airtel. It serves an accessible customer base of 25 million across 95% of India's PIN codes and has a 'AA' rating from ICRA. In FY 2024, the company disbursed $2.25 billion in loans. On August 22, 2024, MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group (MUFG), invested INR 2,798 crore (approximately USD 334 million) in equity, bringing MUFG's total investment to INR 4,712 crore (USD 565 million). This round, following a prior USD 400 million investment in April 2023, was conducted at a valuation of about $3 billion, positioning MUFG as DMI Finance's second-largest shareholder. The funding aims to strengthen the balance sheet, expand lending to SMEs and consumers, scale operations, and support potential acquisitions. The investment underscores MUFG's commitment to India's digital finance market and financial inclusion, with collaborations including business ties, financial solutions, and knowledge sharing with MUFG group entities. DMI Finance has served over 15 million customers cumulatively, with 15.2 million as of March 2024, targeting India's underbanked population. |
| Apr 2023 | Undisclosed stage | MUFG Bank (lead); Sumitomo Mitsui Trust Bank | $400M | - | DMI Finance Private Limited, the NBFC arm of the DMI Group founded in 2008 by former Citigroup executives Shivashish Chatterjee and Yuvraj C. Singh, is a digital-first non-banking financial company offering consumption, personal, and MSME loans in India. It sources and services customers through multiple digital channels and serves as an embedded digital finance partner for platforms like Samsung, Google Pay, and Airtel, covering an accessible customer base of 25 million across 95% of India's PIN codes. The company is rated 'AA' by ICRA and backed by leading Indian and international banks, having raised over USD 1.5 billion in equity investment from global institutional investors, strategic family offices, and banks. On April 3, 2023, DMI Finance closed a USD 400 million equity investment round led by Mitsubishi UFJ Financial Group (MUFG) through its subsidiary MUFG Bank, with participation from existing investor Sumitomo Mitsui Trust Bank Limited. The round included primary and secondary transactions. This marked MUFG's first investment in DMI Finance, highlighting its strategic commitment to the Indian digital finance market. In a follow-on investment announced on August 22, 2024, MUFG Bank invested an additional INR 2798 crore (approximately USD 334-338.5 million), bringing its total investment in DMI Finance to INR 4712 crore (USD 565 million). By March 2024, DMI Finance had disbursed USD 2.25 billion in loans for the financial year through March 2024 and served a cumulative 15.2 million customers. |
| Jan 2022 | Undisclosed stage | Sumitomo Mitsui Trust Bank (lead) | $47M | - | DMI Finance Private Limited, a non-banking financial company (NBFC) in India, operates as a full-stack digital lending and loan lifecycle management platform with a pan-India customer base exceeding six million as of early 2022, focusing on digital, consumer, MSME finance, housing finance, wholesale finance, and asset management across 40 offices. The company closed a $47 million equity investment round on January 11, 2022, led by new investor Sumitomo Mitsui Trust Bank Limited (SuMi TRUST Bank), Japan's largest trust bank, alongside existing investors New Investment Solutions (Liechtenstein-based asset manager) and NXC Corporation (South Korea). This infusion included approximately $32 million in fresh equity (Rs 232 crore) and brought DMI Finance's total equity base to $500 million (around Rs 3,700 crore), with the firm holding AA- rating from ICRA and support from leading Indian banks. The funding supports DMI Finance's growth amid India's digital financing boom aimed at financial inclusion, with expectations of at least 10% month-on-month customer growth through 2022. Backers include global institutional investors, strategic family offices like the Burman Family Office (Dabur India promoters), and banks. The company had previously raised funds such as Rs 1,600 crore for its real estate-focused alternative investment arm in June 2018. Post this round, DMI Finance continued fundraising, securing $400 million in an equity transaction in April 2023 primarily from MUFG Bank (Japan) with participation from Sumitomo Mitsui Trust Bank, and later $333.71 million in an unattributed round in August 2024, pushing total equity and debt raised beyond $1.5 billion. As of December 31, 2021, it reported cash and bank balances of Rs 163 crore and liquid mutual fund investments of Rs 1,466 crore, with gross assets growing to an unspecified figure from Rs 3,386 crore year-over-year. |
| Apr 2020 | Strategic investment | NEXON (lead) | $123M | $1B | DMI Finance, founded in 2008 by former Citigroup executives Shivashish Chatterjee and Yuvraja C Singh, is a Delhi-based NBFC group providing diversified financial services including consumer lending, business loans, housing finance, and asset management. It operates a technology-first platform with digital lending initiatives like Samsung Finance+, a partnership with Samsung launched in 2019 for financing consumer electronics purchases. The company has deployed over INR 15,000 crore in India and serves partners including Samsung and Reliance Retail. In April 2020, DMI raised $123 million in equity capital led by Nexon (via NXC Corporation, holding company of Nexon Co., Ltd., listed on Tokyo Stock Exchange), valuing the company at over $1 billion according to Economic Times reports. This minority stake investment brought DMI's total equity and fund capital raised since inception to more than $800 million. Prior rounds included $230 million in January 2019 led by New Investment Solutions and $200 million in non-convertible debentures in March 2020. Nexon, an existing backer, joined early investors like NXC founder Jung-ju Kim. The fresh capital was earmarked for accelerating balance sheet growth in digital consumer lending and MSME finance businesses, targeting financial inclusion for over 300 million underserved Indians. In the prior 18 months, DMI had raised $343 million in equity and $350 million in NCDs from overseas investors. The company maintained strong capitalization with a gearing of 0.7x as of later reports. Post-round developments included a $47 million equity raise in 2021 from Sumitomo Mitsui Trust Bank and existing investors NXC and New Investment Solutions, pushing total fundraising toward $500 million for DMI Finance specifically. By later periods, DMI reported a pan-India customer base exceeding 6 million, with products like personal loans, BNPL, OEM financing, and MSME loans, expecting 10% MoM growth through 2022. |
| Jan 2019 | Undisclosed stage | New Investment Solutions (lead) | $230M | - | DMI Finance Private Limited, a Delhi-based non-banking financial company (NBFC) under the DMI Group, provides diversified financial services including corporate lending and affordable housing finance through DMI Housing Finance. In January 2019, it raised $230 million (approximately INR 1,600-1,619 crore) in an equity funding round led by New Investment Solutions (NIS), a Liechtenstein-based asset manager representing ultra-high net worth individuals and family offices from Japan, Asia, and Europe. This was one of the largest equity fundraises by an NBFC at the time, with proceeds intended to support balance sheet growth and expansion in retail lending amid a sector liquidity squeeze following the IL&FS crisis. The company positioned itself as an expansion player in a retrenching NBFC sector, leveraging its decade-long operations and focus on risk management, transparency, and ethical conduct. NIS, with its $2 billion assets under management and exclusive India exposure via DMI, expressed strong confidence in the team based on a partnership dating back to 2010. Post-round, DMI Finance's net worth increased to Rs. 2,195 crore as of March 2019, with adjusted overall gearing at 0.51x and net gearing at 0.24x after accounting for liquid cash and investments; capital adequacy stood comfortably at 65.85%. For FY19 (ended March 2019), DMI Finance reported total income of Rs. 634 crore, up from Rs. 249 crore in the prior year, driven by loan book growth. Operating profits rose 18% to Rs. 160 crore, with net interest margins improving slightly to 9.37% and profit after tax stable at Rs. 75 crore. Operating expenses increased to 4.19% of assets due to retail portfolio expansion. In July 2019, it raised additional equity of Rs. 171 crore (about $25 million). DMI Limited (Mauritius) held a 76.27% stake through DFPL as of the report, later adjusting to majority ownership. |
Who has invested in DMI Finance?
4 investors have backed DMI Finance across its funding rounds, including Sumitomo Mitsui Trust Bank, MUFG Bank, NEXON and New Investment Solutions.
Lead investors include MUFG Bank, Sumitomo Mitsui Trust Bank, NEXON and New Investment Solutions.
DMI Finance Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Apr 2023 | ||
| 2 | Lead | Jan 2022 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by DMI Finance
DMI Finance has acquired 1 company to date.
Last acquisition by DMI Finance was on March 28th 2022. DMI Finance acquired Appnit Technologies for undisclosed valuation.
Latest Acquisitions by DMI Finance
| Description | - |
| HQ Country | |
| HQ City | Noida |
| Deal Date | 28 Mar 2022 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
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Investments by DMI Finance
DMI Finance has invested in 2 companies to date.
Latest investment by DMI Finance was on April 20th 2022. DMI Finance invested in LEO1 in their $31M Series B round.
Latest Investments by DMI Finance
| Description | LEO1 is a financial services platform based in India providing educational lending solutions. Borrowers access loans for tuition, courses, and skill development programs. The leo1.in app streamlines applications, approvals, and repayments for students and institutions. | Rays Power Infra is a Mumbai-based solar EPC and developer established in 2011. The company has commissioned 620 MW of solar parks and projects across India, pioneering turnkey services under the National Solar Mission. Rays Power operates as co-developer for IPP models in ground-mount and rooftop segments, with presence in Asia, Africa, and Australia. Recognized as India's third-largest solar EPC in 2015 and top 10 globally in 2017 by IHS Markit. |
| HQ Country | ||
| HQ City | Mumbai | Jaipur |
| Deal Date | 20 Apr 2022 | 22 Dec 2018 |
| Round | Series B | Undisclosed stage |
| Raised | $31M | $28M |
| Investors | Aavishkaar Venture Capital; APPYHIGH; QED Investors; LC Nueva Investment Partners; 100Unicorns; Maxar.vc; DMI AIF Sparkle Fund; Ardent Venture Partners | - |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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DMI Finance Competitors
DMI Finance competitors include listed companies like PNB Housing Finance, InvestCo Holding, DigitalBridge Group and Assured Guaranty, and private ones like bsb and Lexin.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $377M | - | $3B | 12.2x | ||
| Publicly listed | $1M | ($39M) | $3B | - | ||
| Publicly listed | $71M | $30M | $3B | 41.4x | ||
| Private | - | - | $2.9B | - | ||
| Private | - | - | $2.9B | - | ||
| Publicly listed | $1B | $751M | $3.1B | 4.8x |
DMI Finance Public Comps
DMI Finance is still privately-owned, but its public comps include PNB Housing Finance, InvestCo Holding, DigitalBridge Group, Assured Guaranty, LIC Housing Finance, Krungthai Card, Acadian Asset Management, Fibra Danhos, North Pacific Bank and Sprott.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $377M | - | 22.0x | 12.2x | - | - | |||
| $1M | ($39M) | 2662.2x | - | (75.0x) | - | |||
| $71M | $30M | 54.5x | 41.4x | 129.6x | - | |||
| $1B | $751M | 4.4x | 4.8x | 6.1x | - | |||
| $891M | - | 34.5x | 32.8x | - | - | |||
| $659M | - | 4.3x | 3.5x | - | - | |||
| $564M | $178M | 6.1x | 4.8x | 19.4x | 13.4x | |||
| $441M | $359M | 6.7x | 6.4x | 8.2x | 9.4x | |||
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Common questions about DMI Finance
| When was DMI Finance founded? | DMI Finance was founded in 2008. |
| Where is DMI Finance headquartered? | DMI Finance is headquartered in New Delhi, India. |
| Is DMI Finance publicly listed? | No, DMI Finance is a private, VC-backed company. |
| What is DMI Finance's valuation? | DMI Finance was last valued at $3B in its undisclosed-stage round in August 2024. |
| How much funding has DMI Finance raised? | DMI Finance has raised $1.1B across 5 funding rounds. |
| What was DMI Finance's last funding round? | DMI Finance's last funding round was a $334M undisclosed-stage round in August 2024, led by MUFG Bank. |
| Who are DMI Finance's investors? | DMI Finance's investors include MUFG Bank, Sumitomo Mitsui Trust Bank, New Investment Solutions and NEXON. |
| Which companies are comparable to DMI Finance? | Companies comparable to DMI Finance include PNB Housing Finance, InvestCo Holding, DigitalBridge Group, bsb, Lexin and Assured Guaranty. |
| How many companies has DMI Finance acquired? | DMI Finance has acquired 1 company, including Appnit Technologies. |
| How many companies has DMI Finance invested in? | DMI Finance has invested in 2 companies, including LEO1 and Rays Power Infra. |
| What was DMI Finance's last investment? | In April 2022, DMI Finance invested in LEO1's $31M Series B alongside Aavishkaar Venture Capital, APPYHIGH, QED Investors and 5 other investors. |
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