Bulge bracket private equity funds such as Carlyle, Warburg Pincus, Goldman Sachs and Morgan Stanley PE are in race to acquire a significant minority stake in Jaipur based NBFC Esskay Fincorp Ltd, according to two people aware of the development. The funds plan to invest about $60-70 million in the NBFC, which is already backed by funds such as Norwest Venture and Baring PE India.

PE investments in NBFCs rose to 80% at $978 million till date in 2018 against $546 million in 2017, according to a Grant Thornton report.

This article appeared in Economic Times on 13th August, 2018.