Both sides are in exclusive negotiations and expect to complete legal documentation and agreements by August. Protium is expected to value Clix at Rs 1,900-2,200 crore or 1.2 to 1.5 times book value. NBFC valuations have come off from record highs in past year and a half due to tighter regulatory norms, rising borrowing costs and moderating loan growth.
A successful completion will help Aion Capital Partners — a joint venture between US alternative investment managers Apollo Global Management and ICICI Bank — exit the last of its investments from its maiden $825 million fund. In 2016, former GE veterans Pramod Bhasin and Anil Chawla teamed up to buy out GE Finance when the US industrial giant GE decided to carve out several of its non-core business operations.
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ET BureauBhasin, also one of the pioneers of the Indian BPO industry, and Chawla were then backed by Aion with funds to complete the buyout. It was rebranded Clix, focusing on digital lending and analytics.
The firm has been up for grabs since late 2024 when Apollo mandated Barclays and Moelis to launch a formal sale process. Since then, the process has seen several intermittent approaches from various suitors, including TVS Capital and Ugro Capital. Chawla tried to strike a deal several times but most negotiations fell through over valuation differences, structuring difficulties and the lack of funds. Chawla had also tried a management buyout but could not rustle up backers.
Divergent views
Industry sources are of the view that divergent shareholder views on business strategy also hampered Clix’s growth.According to one of the persons cited, Protium may partner Lightrock, a $6 billion impact focussed investment manager that has backed several new-age Indian enterprises such as Vivriti, Axio digital finance, DeHaat, Cuemath, Nayva and Waycool.
Protium is a seven-year-old venture launched by former Goldman Sachs executive Peeyush Misra along with colleagues that specialises in consumer, educational, equipment and other business loans for MSMEs. It was also backed by Micheal Platt, the reputed UK hedge fund manager and co-founder of BlueCrest Capital Management.
Apollo declined to comment. Bhasin, Chawla and Misra couldn’t be reached. Lightrock didn’t respond to queries.
The firm was incorporated in 2019 as Growth Source Financial Technologies and renamed Protium Finance in June 2022. Total assets under management at the end of September 2025 stood at Rs 8,675 crore against Rs 2,908 crore at the end of March 2023. It has 123 branches in 16 states at the end of September 2025.
Clix had consolidated assets under management worth Rs 7,675 crore at the end of September last year with 2.25% of them being nonperforming. Its loan book was Rs 6,200 crore. It has a wholly owned subsidiary, Clix Housing. The company posted a net profit of `30 crore in the first half of FY26 on a total income of Rs 559 crore.