Ambit Finvest Pvt. Ltd., the Ambit Group's Non-Banking Financial Company (NBFC), has announced the acquisition of lines of business pertaining to business loans to micro, small, and medium-sized enterprises of SME Corner (trade name of Digikredit Finance Pvt. Ltd., an RBI registered NBFC) via business transfer, in order to further strengthen its footprint in the SME lending space by adopting and leveraging the technologically advanced solutions offered by the digital lender.
SME Corner is one of India's leading modern-age fintech companies, providing business loans to micro, small, and medium-sized enterprises (MSMEs) via their cutting-edge proprietary online platform, which combines Artificial Intelligence, Machine Learning, and Data Science to provide a seamless and rich customer experience. SME Corner is headquartered in Mumbai and currently serves 21 states. It provides Unsecured Business Loans and Loan Against Property, as well as special products such as MSME Loans and Women Entrepreneur Loans, which meet working capital requirements and encourage women entrepreneurs in India. It has so far empowered 17,000+ SME business owners and has an AUM of around Rs. 450 Crs.
According to the terms of the transaction, Ambit Finvest will acquire SME Corner's assets, as well as their 300 employees and proprietary online platform, which will strengthen Ambit Finvest's digital lending and co-lending capabilities. Ambit Finvest's partnership-based lending business would also benefit from the acquisition, as would omnichannel sourcing capabilities.
"We are thrilled to welcome SME Corner into our fold," said Sanjay Agarwal, CEO of Ambit Finvest, of the acquisition. They developed a phenomenal proprietary technology from the ground up over a four-year period. This will help us accelerate the development of our digital lending services and solutions. We will now be able to improve our digital origination footprint".
Vikrant Narang, Deputy CEO, of Ambit Finvest, added, “This acquisition demonstrates how integrated strategies can enhance customer experience and cater to new business opportunities. Ambit Finvest will now truly have an omnichannel origination approach, straddling physical and digital infrastructure. Given the evolution of the digital stack in India, NBFCs will have to invest in digital platforms to stay relevant and grow. This acquisition gives us a great head-start in that direction.”