Hero FinCorp has raised a total of Rs 1,000 crore to fund its expansion over the next 12-18 months from Credit Suisse, ChrysCapital and the Hero Group, the company announced on Thursday. ChryCapital led this round of investment, putting in Rs 570 crore, while Credit Suisse invested Rs 132 crore and the Hero Group Rs 300 crore. “In the last three years, our asset size has grown to Rs 8,000 crore in 2016 from Rs 300 crore in 2013,” Abhimanyu Munjal, Joint Managing Director and CEO of Hero FinCorp told reporters during the announcement. “Rural areas are more underpenetrated and penetration is increasing there also because of the Jan Dhan Yojana and Aadhaar cards,” Abhimanyu Munjal said. “Demand will come from here.”The company will use the Rs 1,000 crore to improve its technology and for the expansion of its asset size and product portfolio, he added.

Source: The Hindu September 15, 2016 14:15 UTC