Warburg Pledges Stake in IDFC First Bank to Return Capital to Investors
Posted On: 06 Aug 2019 | Source: VCCircle | Author(s): Ankit Agarwal
Global private equity fund manager Warburg Pincus has pledged its 9.86 percent stake in India-based lending platform IDFC First Bank in order to raise USD150 million from a consortium of banks. Warburg will then use the loan to return capital to limited partners in its funds. IDFC First Bank, which was born out of a merger between India-based lenders IDFC Bank and Capital First in 2018, offers a variety of loans to India’s middle class and entrepreneurs directly from its mobile platform. Warburg originally invested in Capital First in 2012.