PAYDAY lender Wonga has paid £3.2m for a 75 per cent stake in Nahar Credits, an Indian lender commercial lender that will give Wonga a headstart in the Indian market.
Nahar Credits previously focused on commercial loans to small businesses, but has a licence permitting it to offer loans to individuals in India.
In its annual report last week Wonga revealed the cost of the acquisition and outlined its plans in the region.
“The acquired company is authorised as a financial services company in India, and will give the Group the opportunity to commence operations in India.
“The previous business of the acquired company, making commercial loans to small businesses, has been discontinued,” Wonga said in their annual report.