Private equity firm Warburg Pincus has paid $250 million to acquire a stake of over 90%, through a combination of primary and secondary shares, in Vistaar Finance, a lender to small and medium businesses in India, according to a report by Deal Street Asia.

Private equity firm Warburg Pincus has paid $250 million to acquire a stake of over 90%, through a combination of primary and secondary shares, in Vistaar Finance, a lender to small and medium businesses in India, according to a report by Deal Street Asia.

Former ICICI Bank executive Avijit Saha, who most recently served as head of rural and inclusive banking and president at ICICI Foundation, and is set to join Vistaar as chief executive officer, will be co-investing alongside Warburg Pincus. 

Founded by Brahmanand Hegde and Ramakrishna Nishtala in 2010 and based in Bengaluru, Vistaar Finance says it manages assets worth $315 million. Both founders will be retaining a small portion of their shares after the deal closes.