Beams Fintech Fund has led an equity investment in Business Nextgen Finance, an NBFC focused on secured lending to MSMEs. Meanwhile, InvAscent-backed RPG Active Pharma Ltd has entered into an agreement to acquire the API and intermediates business of Raghava Life Sciences.
Beams Fintech Fund leads funding in NBFC
Beams Fintech Fund has led a Rs 215-crore ($22.7 million) equity investment in Business Nextgen Finance (BNF), an NBFC focused on secured lending to MSMEs.
Baring Private Equity India, Saison Capital and UNLEASH also participated in the round, along with other investors.
Following the transaction, Beams Fintech Fund and its affiliates will hold more than 26% of BNF’s paid-up equity share capital on a fully diluted basis.
The transaction has received prior approval from the Reserve Bank of India.
The investment is Beams Fintech Fund’s seventh deal. It adds BNF to the fund’s portfolio of financial services and fintech companies.
“The significant credit gap in India’s underserved MSME segment presents a compelling opportunity for a differentiated lender with strong underwriting, technology and customer-centricity,” said Sagar Agarwal, founder & Managing Partner, Beams Fintech Fund.
InvAscent-backed RPG Active Pharma to buy API biz
InvAscent-backed RPG Active Pharma Ltd (RPGAP) has entered into an agreement to acquire the API and intermediates business of Raghava Life Sciences for up to Rs 135 crore ($14.3 million).
This marks the second acquisition of RPGAP, a newly spun-off API-focused subsidiary of RPG Life Sciences, following its buyout of Actis Generics.
The transaction will expand RPGAP’s manufacturing footprint and API portfolio, as well as its regulatory capabilities and customer base across geographies, it said in a regulatory filing.
Raghava operates a modem API manufacturing facility near Hyderabad, spread across approximately 9 acres.
“The real opportunity lies in unlocking the potential of the asset through stronger commercialisation, improved capacity utilization and integration across the organisation,” said Ashok Nair, Managing Director of RPG Life Sciences Limited, an integrated, research-based pharmaceutical company operating in the domestic and international markets.
The company recently spun off its API subsidiary and got InvAscent as a backer in July.
