Svasti Microfin raises $10 mn from Poonawalla, NMI & others
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..
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