Motilal Oswal Private Equity, commonly known as MOPE has collected a minority stake via a secondary worth $25 million/INR 185 crore in Fincare Small Finance Bank via India Business Excellence Fund – III (IBEF).
This will provide a partial exit to ‘True North’, an Indian-grown PE firm. The investor base of the Bank includes LeapFrog Investments, TA Associates, and Tata Opportunities Fund.
MOPE is basically a subsidiary of Motilal Oswal Financial Services Ltd which wears multiple hats. It growth capital funds focused on deals ranging between $15-50 million for mid-market companies across sectors. It presently holds three funds, namely, IBEF (India Business Excellence Fund), IBEF II, and IBEF III.
As of today, MOPE manages $1 billion/ INR 7,500 crore across real estate and growth capital funds. It also raised $320million/INR2,300 Crore back in 2018.
Investments from the third fund include N Ranga Rao & Sons based out of Mysuru, a non-bank lender named MAS Financial Services, based out of Gujarat; Molbio Diagnostics Pvt Ltd, and Ludhiana-based Happy Forging Ltd. Off-late MOPE has exited Indian Energy Exchange Ltd in March 2021, after five years of association.
Started in 2017, Bengaluru-based microfinance institution Fincare has turned into a small finance bank. Before conversion, it was conducting business from two enterprises, namely, Future Financial Services based in South India, and Disha Microfin based in Western India, which was managed by an overarching team looking at the management.