Clix Capital received $40 million (about INR 282 crore) in fresh funding by is largest stakeholder AION Capital. This investment comes in the midst of the country’s broader NBFC sector struggle with a combination of low liquidity and increased scrutiny over poor loan book quality. The small and medium enterprise-focused lending firm was founded by Pramod Bhasin and Anil Chawla. The company is expected to use

the infusion of capital to push into the consumer lending segment, at the same time, it will continue to build its digital platform. Bhasin said, “The markets are volatile, but we are comfortably placed. We are blessed that our overall non-performing assets are low, and the opportunities that we see, even in this market environment, are good.”

Post the default by IL&FS the NBFC has been struggling to raise credit from banks and mutual funds due to the latter’s increasing inspection of their loan books. The India-focused AION Capital, a joint venture between Global Management and ICICI Venture, holds an 85% stake in Clix Capital, with Bhasin and Chawla owning the rest.

“Apart from the infusion of capital, as a majority partner, we are committed to bringing in our global best experiences and expertise of technology and practices to Clix’s business. Our attempt would be to grow the Clix business steadily while maintaining a watchful eye on asset quality and profitability,” Parth Gandhi, MD at AION capital said. Clix Capital which claims to have about three million customers, is also aiming to target a loan book of INR 5,500-6,000 crore by the end of FY20.