Non-banking financial company Credit Saison India (CS India) has raised $150 million through an external commercial borrowing (ECB) facility from Mizuho Bank Ltd. under a bilateral arrangement, the company announced on Wednesday.
The funding was facilitated via Mizuho Bank’s GIFT City branch and comes with a five-year tenure, the company said in a statement.
This debt infusion follows Mizuho Bank’s strategic equity investment of $145 million for a 15% stake in CS India last year, marking the Japanese lender’s entry into the Indian market. The latest ECB funding further reinforces the long-term partnership between the two institutions.
“This ECB transaction, after their equity investment in 2024, demonstrates deep conviction in our growth model and long-term potential in India. It also reflects the strength of our multi-product, multi-vertical focused business strategy and gives us the power to accelerate our plans to scale the business and expand our pan-India footprint,” said Presha Paragash, wholetime director and CEO of Credit Saison India.
Last month, CS India had also secured a $300-million ECB tranche from Axis Bank, DBS Bank, CTBC Bank, and a leading Indian bank. With the addition of Mizuho’s $150 million, CS India’s total ECB funding in the current quarter has reached $450 million.
Founded in 2018, CS India is a subsidiary of Credit Saison Japan, a financial services firm listed on the Tokyo Stock Exchange. The company manages assets exceeding $2 billion, with over 2 million active loans, a network of 60+ branches, and a workforce of more than 1,300 across India.
“Mizuho’s latest backing is not only a testament to our capabilities but also validates our business model and enhances our ability to capitalise on emerging opportunities, further deepening our position in India. This deep alignment of vision and commitment for India will be crucial as we move forward with our strategy of building a diversified, cost-efficient funding base to remain resilient in today’s evolving macro-environment,” said Kosuke Mori, CEO of Saison International.
