Private credit platform Avana has announced its expansion into India after getting regulatory approval.
The firm said it has opened a regional office in Pune, India and plans to launch direct commercial lending operations to micro, small and medium enterprises (MSMEs) in India within the next six months.
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The firm has already deployed over $6.5bn (£4.8bn) in loans to more than 500 small businesses across the United States. It is now aiming to become a global private credit platform, deploying capital across the US, Middle East and India.
The firm has committed an initial capitalisation of $1.5m to meet license requirements and plans to invest another $20m to grow the business, with a total investment goal of $25m over three years.
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“India represents a tremendous opportunity for AVANA Companies to extend our mission of providing capital that fuels entrepreneurship, job creation, and sustainable growth across borders,” said Sundip Patel, chief executive of Avana Companies.
“This expansion allows us to bring our relationship-driven lending approach to a country where family businesses and entrepreneurs drive the economy, creating meaningful impact in communities across India.”
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