Northern Arc Capital, formerly known as IFMR Capital Finance Private Ltd., is looking to raise fresh capital ahead of its planned IPO, Mint reported March 22, citing "two people aware of the development."

The company is looking to raise money from private markets before the IPO, which the company expects to soon start a formal process for, one of the sources said.

Northern Arc could raise about 2 billion Indian rupees at least via this round of capital raising, the source added.

As of March 21, US$1 was equivalent to 65.21 Indian rupees.