The ₹8,850 crore that Sammaan Capital Ltd (SCL) will receive in tranches from Abu Dhabi-based investment firm International Holding Company PJSC (IHC) over the next 18 months will ensure growth capital for the mortgage-focused non-banking finance company (NBFC) for the next five years, helping it diversify into personal loans, loans against gold, and small business loans.
Powered by the capital infusion, the NBFC’s consolidated AUM (assets under management) is expected to grow to about ₹1.3-1.5 lakh crore by 2029 from the December-end 2025 level of ₹64,200 crore, said Gagan Banga, MD & CEO, SCL.
“So, between 2018-19 till about 2023, the company was fighting some sort of an existential crisis. Then, in 2024, we raised around ₹5,000 crore of capital, which allowed us to stabilise our AUM, borrowings, ratings, etc. Having done that, over the course of the last couple of years we started growing again,” he said in an interaction wuth businessline.
Banga emphasised that there are two macro trends in the economy – first is that there is consolidation happening in the financial services space, where the big are getting bigger, and the second is that over the course of at least the next 20 years, India has a fairly well defined predictable growth path ahead of it.
“Given these two backgrounds, we needed to have a very strong foundation of a strong parent, which would enable us to focus on growth versus navigating the environment. A strong parent typically enables you to focus on growth. The parent navigates the environment for you….And so we can focus on growth now,” the Sammaan Capital Chief said.
Capital injection from IHC
Recently, the NBFC announced that IHC through its affiliate, Avenir Investment RSC LTD, will become the promoter of SCL, acquiring 41.5 per cent stake via a preferential allotment of equity shares and warrants in the Company.
The NBFCl has received an initial tranche of ₹5,652 crore ($600 million) towards the allotment of equity shares and warrants, with an additional ₹3,198 crore ($338 million) to be received within a period of 18 months upon conversion of the warrants into fully paid equity shares.
Aspiration: To be among top 3 UL-NBFCs
Banga underscored that Sammaan Capital is a part of the RBI’s list of 15 Upper Layer (UL)-NBFCs, which are systemically significant and face higher regulatory scrutiny.
“We aspire to be amongst the top three (UL-NBFCs), which we used to be. So, we intend to go back there. But over the next three years, we have to build expertise internally. The aspiration is o transform this company into a multi-product NBFC versus the monoline mortgage focussed NBFC that it is today.
Inorganic growth
“Before we embark on any sort of inorganic growth, we need to have internal expertise of being able to trust the inorganic assets that we are acquiring. We should be in a position to appraise them properly and do all of that,” Banga said.
So, over the next three years, the NBFC’s focus is going to be on developing the product suite and the internal abilities of managing all of that. And post that it will see what it has to do, what are the opportunities available and so on.
The SCL chief noted that inorganic growth opportunities are always available at a price. But that opportunity it will tap after three years.
Published on April 3, 2026
