India, April 25 -- Non-banking lender Northern Arc has raised $80 Mn (INR 667 Cr) from World Bank Group's private-sector investment arm International Finance Corporation (IFC) in equal halves of equity and debt components.

Northern Arc will use the fresh capital to further its expansion and widen reach to end customers.

Founded in 2009, Northern Arc is a non-banking financial company (NBFC) which aims to offer a suite of retail credit services to under-served households and businesses in India.

Over the years, it has gained expertise in enabling credit across sectors like MSMEs, MFI, consumer financing, vehicle financing, affordable housing financing and agriculture financing.

Its multi-channel approach of lending, placement and fund ...