CAM, Khaitan advise on Hiranandani Financial Services raising ₹800 crore from Vitruvian

Hiranandani Financial Services Private Limited has raised ₹800 crore from Vitruvian Partners, in their debut equity investment round.

Cyril Amarchand Mangaldas advised Hiranandani Financial Services and its founders, Harsh Hiranandani and Neha Hiranandani on this transaction.

The transaction team was led by Vandana Sekhri, Partner; and Aditi Manchanda, Partner; with assistance from Naimi Kamdar, Principal Associate, Anukriti Bhattad, Senior Associate; and SB Aditi, Associate.

The vendor due diligence team was led by Manchanda, Partner; with support from Naimi Kamdar, Principal Associate, Deepjoyika Dastidar, Senior Associate; Lokit Khurana, Senior Associate; Anukriti Bhattad, Senior Associate; Kabeer Jay, Associate; Kanishka Iyer, Associate; Rishi Rathod, Associate; and Shivendra Mehndiratta, Associate.

Jian Johnson, Partner, with support from Shobhit Dave, Senior Associate; Yusuf Kathawala, Associate; Medha Puvvala, Associate; Kruttika Lokesh, Associate; assisted on regulatory due diligence and related aspects for the transaction.

Arya Tripathy, Partner; with the support from Aishwarya Joshi, Associate; and Milind Yadav, Associate; assisted on intellectual property, information technology and data privacy due diligence and related aspects for the transaction.

Gazal Rawal, Partner; with the support from Yash Mukadam, Senior Associate; and Ujjwal Agrawal, Associate; advised on regulatory practice related aspects of the transaction.

Sowmya Kumar, Partner; with the support from Luv Saggi, Principal Associate; and Jay Sharma, Associate; assisted on employment law due diligence and related aspects for the transaction.

Thangadurai V.P, Principal Associate; advised on tax related aspects of the transaction.

Khaitan & Co advised Vitruvian Partners on their investment in HFS. The Firm conducted legal due diligence of Hiranandani Financial Services and advised them on drafting, negotiation, finalisation and execution of definitive agreements relating to their equity investment in HFS and thereafter on completion of this equity investment.

The transaction team was led by Ashraya Rao (Partner), Saswat Subasit (Partner) and Shreya Mukherjee (Partner), included Ravali Rayaprolu (Principal Associate), Aman Bagaria (Senior Associate), and Akhil Kumar (Senior Associate). The deal team received strategic inputs from Niren Patel (Partner) and was assisted by the following:

Legal due diligence assistance: Prakruti Shah (Associate) and Stuti Sehgal (Associate).

Antitrust/competition analysis: Anshuman Sakle (Partner) and Armaan Gupta (Senior Associate).

Hiranandani Financial Services is a non-banking finance company registered with the Reserve Bank of India and it provides small ticket loans against property to micro, small and medium enterprises (MSME) borrowers to support their business expansion and working capital requirements.

This deal marks Hiranandani Financial Services’ maiden external equity fundraise and Vitruvian Partners’ debut equity investment in the Indian MSME lending space.

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