Suryoday Small Finance Bank raises Rs 62 cr

Small finance lender Suryoday Small Finance Bank (SSFB) on Thursday said it has raised Rs 62.14 crore in equity capital from five of its existing investors including Gaja Capital and Kotak Mahindra Life Insurance. Other investors include Lok Capital, TIAA and Kiran Vyapar.

The fund was raised through a private placement offer, a release said. "Our investors have placed immense faith in the organisation's strategy and our capability to steer through this difficult time.

"This growth capital comes in just as we started re-engineering our business processes and digitising them including for our microfinance vertical, so this is a strong backing to pursue our plans," the bank's managing director and CEO R Baskar Babu said. The bank has over 20 institutional investors with a mix of institutional investors, development funds, and private equity investors.

As on March 31, 2020, net worth of the bank stood at around Rs 1,000 crore with a capital adequacy ratio of 30 per cent. It has a deposit base of more than Rs 2,800 crore and a gross loan portfolio of around over Rs 3,700 crore.

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