YES Bank is set to bag $1.1bn from a private equity sale after Carlyle and Advent International announced their plans to acquire a 10% stake in the company.
According to Finextra, YES Bank is a leader in India’s digital payments market, with the raise set to be allocated toward meeting the bank’s medium to long-term growth objectives.
Shweta Jalan – managing partner at Advent – explained that the private equity company believes India’s banking sector is at an inflection point where tech-enabled banks like YES have an advantage.
She added, “This investment also demonstrates our commitment to the country’s banking and financial services industry, which is the core of India’s growth story. We think the Bank’s leadership team, led by Prashant Kumar, has done great work in reviving its performance over the last two years.”
In an announcement of its own, Carlyle stated that it is looking to draw on its well-established experience in the financial services sector in India and across Asia to support YES in further growing its retail and transaction banking and digital payments platforms.
YES highlighted that the transaction remains subject to regulatory and shareholder approval.
Indian payroll and work management startup Tartan recently raised $4.5m in pre-Series A funding.
Copyright © 2022 FinTech Global
