startup funding

Micro Finance Lender Svasti Microfin Raises $10 Mn from Poonawalla, NMI & Others

0
svasti

Micro lender Svasti Microfinance on Monday said it has raised a total of USD 10 million capital from existing investors, including Adar Poonawalla and Nordic Microfinance Initiative (NMI).

In the current round, Svasti also witnessed participation from family offices of Nalwalas (Dubai), Kayenne Ventures (Singapore) the investment vehicle of siblings Kajal & Navin Fabiani, Patni’s (Mumbai) and other HNIs led by the Rajiv Dadlani Group, the release said.

The microfinance company will use the capital to expand and increase its MSME loan portfolio, provide other financial services, such as consumer finance and insurance, in partnership with other leading institutions and expand the branch network.


In 2015, Svasti had raised funds from Adar Poonawalla, chief executive officer (CEO) and executive director of Serum Institute of India. He had subsequently invested in follow-on rounds in 2017 and 2018.

Till date, the MFI has raised total capital funds of USD 17 million.

Svasti services around 185,000 customers across 52 branches spread over four states, aggregating a loan portfolio of around Rs 380 crore. It aims to reach the total loan portfolio of Rs 550 crore by FY20 and Rs 1,100 crore by FY21, it said. PTI HV

Like this content? Sign up for our daily newsletter to get latest updates.

Hero Future Energies Get $150 Mn Strategic Investment from Masdar

Previous article

Twitter drafts Rules to Curb ‘Manipulated Media’ in Tweets including ‘Deepfakes’

Next article

Comments

Leave a reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

startup funding

Micro Finance Lender Svasti Microfin Raises $10 Mn from Poonawalla, NMI & Others

0

Micro Finance Lender Svasti Microfin Raises $10 Mn from Poonawalla, NMI & Others

Nov 11, 2019

Micro lender Svasti Microfinance on Monday said it has raised a total of USD 10 million capital from existing investors, including Adar Poonawalla and Nordic Microfinance Initiative (NMI). In the current round, Svasti also witnessed participation from family offices of Nalwalas (Dubai), Kayenne Ventures (Singapore) the investment vehicle of siblings Kajal & Navin Fabiani, Patni’s (Mumbai) and other HNIs led by the Rajiv Dadlani Group, the release said. The microfinance company will use the capital […]

Read More »

Like this content? Sign up for our daily newsletter to get latest updates.


Hero Future Energies Get $150 Mn Strategic Investment from Masdar

Previous article

Twitter drafts Rules to Curb ‘Manipulated Media’ in Tweets including ‘Deepfakes’

Next article

Comments

Leave a reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.