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Bain Capital to acquire 90% stake in Adani Group’s NBFC arm

By Gloria Mathias

July 26, 2023

  • 90%
  • Acquisition
  • Adani Capital
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Bain capital, Adani Capital, Gautam Shah, Gaurav Gupta, Adani Housing, Acquisition, 90%, Bain Capital, a private investment firm, has announced the acquisition of Adani Capital & Adani Housing with a definitive agreement to acquire 90% of the non-banking financial company.

The transaction will take over 100% of the Adani family’s private investments in the company, with Gaurav Gupta continuing his stake in the company and serving as Managing Director and CEO.

“Gaurav and the team have built a scale lending business that supports entrepreneurialism and is trying to solve the country’s $300 billion+ unmet retail MSME credit demand. We see compelling opportunities to partner with Gaurav and the team to support and facilitate Adani Capital’s next phase of growth by providing access to significant capital, strategic and operating resources, and deep experience partnering with financial services businesses in India and across the globe,” said Rishi Mandawat, a Partner at Bain Capital.

Bain Capital has also committed $120 million in primary capital to facilitate the company’s ongoing growth. Further, Bain Capital is also immediately availing the Company of a liquidity line of $50 million in the form of Non-Convertible Debentures.

“I am very happy that a credible investor like Bain Capital is stepping in now, and this will help the business grow manyfold from here,” said Gautam Adani, Chairman of Adani Group.

This acquisition aims to position the non-bank financial institution as a standalone company to drive expanded lending to underserved MSME, agriculture, and affordable housing segments.

“Our aim has always been to support micro-entrepreneurs and first-time homeowners in Bharat and to be the most economical and convenient lender to our customers by leveraging technology. The team and I are very pleased to welcome a partner like Bain Capital who shares our vision of making affordable finance available to our customer segment with a strong focus on customer literacy and education. With Bain Capital committing INR 1,000 Cr of capital in the Company, we are now equipped to grow 4x from here,” said Gaurav Gupta, Managing Director and CEO.

 

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