Abu Dhabi state investor Mubadala Investment Co. said on Tuesday it has invested in Indian financial services firm Avanse through its affiliate Alpha Investment Company LLC.

Avendus PE Investment Advisors Private Ltd, via its fund Avendus Future Leaders Fund II, also participated in the funding round, which raised 10 billion Indian rupees ($120 million).

This investment is Mubadala’s first in India's financial services sector and is part of a plan to double the company’s exposure in Asia by 2030, the fund said in a statement. Mubadala did not disclose the size of its investment.

The funds will enable Avanse, an education-focused non-banking financial company (NBFC),  to strengthen its position in the education financing segment, focusing on creating unique customer experiences and achieving sustained profitable growth. Majority owned by US private equity giant KKR, the company’s assets under management was around 5.5 billion dirhams as of December 2023.

(Writing by Brinda Darasha; editing by Seban Scaria)