Mumbai-based non-banking financial company (NBFC) Protium Finance is in exclusive, advanced negotiations to acquire mid-market commercial lender Clix Capital. Both companies are aiming to finalize legal agreements and documentation by August.
Deal Details & Valuation
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Estimated Valuation: Clix Capital is expected to be valued between ₹1,900 crore and ₹2,200 crore (equivalent to 1.2x–1.5x its book value).
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Investor Exit: The acquisition will enable Aion Capital Partners—a joint venture between Apollo Global Management and ICICI Bank—to complete the final exit from its maiden $825 million fund.
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Potential Co-Investor: Protium may partner with impact-focused investment manager Lightrock ($6 billion AUM) to complete the deal.
Key Financials & Operational Scale
| Metric / Entity | Protium Finance | Clix Capital |
| AUM | ₹8,675 crore (as of Sept 2025) | ₹7,675 crore (as of Sept 2025) |
| Loan Book | — | ₹6,200 crore |
| Network | 123 branches across 16 states | Multi-branch footprint + Clix Housing |
| Profitability | Profitable | Net profit of ₹30 crore in H1 FY26 (₹78 crore in FY25) |
| Key Focus Areas | MSME, consumer, education, equipment loans | MSME, digital lending, school financing, housing finance |
Background & Strategic Rationale
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Clix Capital’s Journey: Founded in 2016 when former GE veterans Pramod Bhasin and Anil Chawla teamed up with Aion Capital to buy out GE Capital’s commercial lending business in India.
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Industry Consolidation: Broader NBFC valuations have moderated due to tighter regulatory norms, higher borrowing costs, and slowing loan growth. Consolidation allows mid-sized lenders to achieve critical scale.
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Strategic Fit for Protium: The acquisition significantly boosts Protium’s AUM, strengthens its physical footprint in North India, and expands its portfolio into sub-segments like school financing and housing finance.
