Kogta Financial Valuation, Funding & Investors
Kogta Financial is valued at $255M as of March 2022.
Last Kogta Financial valuation
$255M
Series D · Mar 2022
Last Kogta Financial funding round
$147M
Series E · Jun 2024
Cumulative funding Kogta Financial raised
$322M
across 4 funding rounds
Key investors in Kogta Financial
Creador
CPP Investments
Morgan Stanley
Ontario Teachers' Pension Plan
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Morgan Stanley Expansion CapitalMultiples
About Kogta Financial
Kogta Financial is a Jaipur-headquartered non-banking financial company serving western India. It offers vehicle financing, loans against property, and machinery finance through an efficient distribution network across Rajasthan and neighboring states. Established in 1994, Kogta Financial caters to SMEs and rural customers with tailored credit products.
Founded
1996
HQ
JaipurWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$255M (Mar 2022)
Kogta Financial Valuation
Kogta Financial is currently valued at $255M, based on its Series D in March 2022.
The $111M round was led by Multiples, with participation from Morgan Stanley Asia, CPP Investments and Creador.
Kogta Financial's valuation has grown 1.8x from $139M at its Series C in October 2019 to $255M in March 2022, across 2 priced rounds.
Kogta Financial valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2022 | Series D | $255M |
| Oct 2019 | Series C | $139M |
Kogta Financial Funding History
Kogta Financial has raised a total of $322M across 4 funding rounds.
Kogta Financial's first fundraising round was a $22M Series B in November 2018. The most recent completed round was a $147M Series E in June 2024.
Kogta Financial funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2024 | Series E | Ontario Teachers' Pension Plan (lead) | $147M | - | Kogta Financial, a Jaipur-based non-banking financial company (NBFC) founded in 1996, specializes in secured vehicle and MSME financing. The company had served over 325,000 customers through more than 225 branches and achieved a 40% compound annual growth rate in assets under management since October 2016. On June 26, 2024, Ontario Teachers' Pension Plan Board announced a Series E investment of USD 148 million (INR 1,230 crore), acquiring a significant minority stake. The capital was designated for use as primary capital to drive growth across product offerings and expand regional presence. The investment provided partial exits to existing institutional investors Creador and Morgan Stanley Private Equity Asia, with additional backing from Multiples Alternate Assets Private Ltd and CPP Investments. Rahul Mukim, Director of Private Capital, India for Ontario Teachers', joined Kogta's board as the investor's nominee, while Kotak Investment Banking served as financial advisor for the transaction. |
| Mar 2022 | Series D | Multiples (lead); Morgan Stanley Asia; CPP Investments; Creador | $111M | $255M | Kogta Financial (India) Ltd is a Jaipur-based non-banking financial company (NBFC) specializing in secured retail vehicle financing and MSME lending, with over 15 years of operational history. The company focuses on the large and underserved used vehicle finance market and has expanded operations across eight states. In March 2022, Kogta Financial raised $111 million (Rs 846 crore) in its Series D funding round led by Mumbai-based private equity firm Multiples Private Equity, with participation from Canada Pension Plan Investment Board (CPP Investments), existing investors Morgan Stanley Private Equity Asia, and Creador IV LP. The transaction valued the company at Rs 2,386 crore, calculated at 4 times its net worth of Rs 596.43 crore as of FY 2021. The primary capital infusion was designed to support continued rapid growth across products and regions while providing a full exit to IIFL Seed Venture Fund, Kogta's first institutional investor from the Series A round. Company leadership highlighted that assets under management (AUM) had grown 2x over the preceding two years despite COVID-19 disruptions, with management targeting further expansion to Rs 5,000 crore in AUM within the subsequent two years. The investment reflected confidence from marquee institutional investors in Kogta's business model and financial performance in India's growing NBFC sector. |
| Oct 2019 | Series C | Creador (lead); Morgan Stanley (lead) | $42M | $139M | Kogta Financial (India) Limited is a Jaipur-based non-banking financial company (NBFC) specializing in secured retail financing for used and new vehicles, as well as MSME loans. Founded in 1996 and registered as an Asset Finance Company in 1998, it operates across multiple states in India with a focus on asset quality, IT systems, and collections mechanisms. The company raised INR 300 crore (about USD 42.2-42.3 million) in its Series C funding round on October 7, 2019, led by Creador IV L.P. with participation from existing investor Morgan Stanley Private Equity. Creador invested INR 225 crore, while prior investments included INR 154 crore led by Morgan Stanley PE and IIFL Seed Ventures in late 2018. The post-money valuation after this Series C infusion reached INR 1,300 crore, as confirmed by a Creador spokesperson. Kogta plans to deploy the fresh capital to expand into new markets, increase lending to small and medium-sized businesses, and maintain strong asset quality. Since inception, the company has raised over INR 500 crore from multiple investors, including IIFL Seed Ventures as its first institutional backer in 2016. Creador, a private equity firm focused on growth-oriented businesses in South and Southeast Asia, sees Kogta as well-positioned in the Indian financial services sector due to its scale-up since 2008, risk management in used commercial vehicles, and presence in high-growth markets. Morgan Stanley Private Equity, having invested initially in November 2018, noted Kogta's operational scaling across eight states with emphasis on asset quality and asset-liability management. The funding supports Kogta's trajectory toward becoming a world-class institution, leveraging its product diversification, geographic reach, and robust processes. |
| Nov 2018 | Series B | Morgan Stanley Expansion Capital (lead); IIFL Seed Ventures | $22M | - | Kogta Financial (India) Ltd, a Jaipur-based non-banking financial company (NBFC), raised Rs 154 crore ($22 million) in a funding round on approximately November 29, 2018, led by Morgan Stanley Private Equity Asia, which invested Rs 114 crore for a minority stake, with IIFL Seed Ventures contributing Rs 40 crore. The company specializes in financing for commercial vehicles, tractors, cars, and small-ticket loans against property for micro, small, and medium enterprises (MSMEs), operating through 80 branches in Delhi, Gujarat, Madhya Pradesh, Maharashtra, Rajasthan, and Uttar Pradesh. As of September 30, 2018, Kogta had a loan book of around Rs 530 crore. The proceeds were intended to expand operations and enter new geographies, with the CFO noting that the investment would increase the company's net worth to more than thrice the current value. Investment bank Equirus Capital advised Kogta on the transaction. This round preceded a larger Series C raise of INR 300 crore ($42.25 million) in September 2019, led by Creador IV L.P. alongside Morgan Stanley Private Equity, at which point the loan book had grown to INR 825 crore. Morgan Stanley highlighted Kogta's scaling across eight states with focus on asset quality and asset liability management post the 2018 investment. Kogta, incorporated in 1996, focuses on asset finance in Western India, including vehicle financing and MSME loans against property. |
Who has invested in Kogta Financial?
8 investors have backed Kogta Financial across its funding rounds, including Creador, CPP Investments, Morgan Stanley, Ontario Teachers' Pension Plan, Morgan Stanley Expansion Capital and Multiples.
Lead investors include Ontario Teachers' Pension Plan, Multiples, Creador, Morgan Stanley and Morgan Stanley Expansion Capital.
Kogta Financial Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Kuala Lumpur | 2 | Lead | Oct 2019 | |
| Morgan Stanley Expansion Capital |  New York City, NY | 1 | Lead | Nov 2018 |
| Morgan Stanley Asia | New York City, NY | 1 | Participant | Mar 2022 |
 Toronto | 1 | Lead | Jun 2024 | |
| Toronto | 1 | Participant | Mar 2022 | |
| Mumbai | 1 | Lead | Mar 2022 | |
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Start Free TrialKogta Financial Competitors
Kogta Financial competitors include listed companies like Better Home & Finance and Younited, and private ones like TomoCredit, Rupeek, Bynk and JULO.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $207M | ($152M) | $231M | 4.0x | |
| San Francisco, CA | Private | - | - | $222M | - | |
| Bangalore | Private | $10M | - | $219M | 21.9x | |
 Stockholm | Private | - | - | $216M | - | |
 Jakarta | Private | - | - | $200M | - | |
 Luxembourg | Publicly listed | $113M | $10M | $336M | 1.5x |
Kogta Financial Public Comps
Kogta Financial is still privately-owned, but its public comps include Quantgroup Holding, Eqdom, TROOPS, Net Protections Holdings, Medallion Financial, Australian Finance Group, Mortgage Advice Bureau, Better Home & Finance, Eleving Group and Kina Securities.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $154M | $40M | 1.6x | - | 6.2x | - | |||
| $207M | - | 4.2x | - | - | - | |||
| $17M | ($27M) | 15.1x | - | (9.5x) | - | |||
| $162M | $30M | 1.0x | 1.0x | 5.5x | 5.1x | |||
| $243M | - | 1.9x | 2.0x | - | - | |||
| $108M | $51M | 48.6x | 5.4x | 102.8x | 101.2x | |||
| $358M | $43M | 0.8x | 0.7x | 6.9x | 4.8x | |||
| $207M | ($152M) | 3.8x | 4.0x | (5.2x) | (11.1x) | |||
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Common questions about Kogta Financial
| When was Kogta Financial founded? | Kogta Financial was founded in 1996. |
| Where is Kogta Financial headquartered? | Kogta Financial is headquartered in Jaipur, India. |
| Is Kogta Financial publicly listed? | No, Kogta Financial is a private, VC-backed company. |
| What is Kogta Financial's valuation? | Kogta Financial was last valued at $255M in its Series D in March 2022. |
| How much funding has Kogta Financial raised? | Kogta Financial has raised $322M across 4 funding rounds. |
| What was Kogta Financial's last funding round? | Kogta Financial's last funding round was a $147M Series E in June 2024, led by Ontario Teachers' Pension Plan. |
| Who are Kogta Financial's investors? | Kogta Financial's investors include Creador, Morgan Stanley Expansion Capital, Morgan Stanley Asia, Ontario Teachers' Pension Plan, CPP Investments, Multiples, Morgan Stanley and IIFL Seed Ventures. |
| Which companies are comparable to Kogta Financial? | Companies comparable to Kogta Financial include Better Home & Finance, TomoCredit, Rupeek, Bynk, JULO and Younited. |
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