Delhi-based DMI Finance Private Ltd (DMI Finance) has raised $47 million (Rs 352 crore) in equity investment from Sumitomo Mitsui Trust Bank Ltd and others to help business growth plans. DMI Finance, lender starting around 2009, is the non-banking financial organization of the DMI Group. The value raised by DMI Finance takes its total equity base to $ 500 million. SuMi TRUST Bank joins existing investors in DMI Finance, including New Investment Solutions and NXC Corporation.
SuMi Trust Bank is Japan’s largest trust bank with JPY 224 trillion ($1.95 trillion) of custody assets and JPY 87 trillion ($760 billion) of assets under management. SuMi TRUST Bank provides a wide range of services concerning commercial bank business, asset management and administration, and disposal of assets, with trustee business.
DMI, in a statement, said it has a full-stack digital lending and loan life cycle management platform. And has a pan-India customer base of over 6 million which is expected to grow at least 10% month-on-month through 2022. DMI has lending partnerships with over 25 businesses, including category-defining partnerships with Samsung and Reliance Retail. Its products include personal loans, lines of credit, BNPL, OEM financing, and MSME loans.
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