IFMR Capital has secured $29 million from the second investment fund of LeapFrog Investments. This is LeapFrog Fund II's first investment, according to Business Standard.

IFMR chief executive officer (CEO) Kshama Fernandes said of the transaction: "We believe we will be able to leverage our common strengths towards this goal and are delighted to have them as our partner. Their investment and their international team's distinctive expertise will help enhance our capacity and our ability to provide valuable product and service offerings to our clients.  It will also deepen our access to a wider class of international investors."

The team-up between IFMR and LeapFrog will capitalize on IFMR's expertise in Indian financial market. In addition, LeapFrog will also transfer its expertise and knowledge in the said field to be applied to markets outside of India, the report detailed.

Established in 2008, IFMR is a non-banking finance firm with presence across 24 states in the country. The Chennai-based firm serves more than 6.6 million active borrowers in the country. It also caters to 7.6 million insurance clients in India, Business Standard reported.