Svasti raises USD 10 mn for branch expansion, MSME financing

PTI | New Delhi | Updated: 11-11-2019 18:31 IST | Created: 11-11-2019 18:31 IST
Svasti raises USD 10 mn for branch expansion, MSME financing

Svasti Microfinance has raised a funding of USD 10 million (about Rs 71 crore) for expansion of branch network and increasing MSME financing. The capital was raised from Adar Poonawalla, Nordic Microfinance Initiative (NMI) and Rajiv Dadlani Group, the Mumbai-based company said in a release.

Till date, Svasti has raised a total capital of USD 17 million. "Apart from expanding its branch network, Svasti will use the capital raised to expand and increase its MSME loan portfolio and provide other financial services, such as consumer finance and insurance, in partnership with other leading institutions," the release said.

A portion of the funds raised in the current round is being used to provide full exits to Michael and Susan Dell Foundation and Bamboo Financial Inclusion Fund, it added. Svasti was co-founded by Arunkumar Padmanabhan and Narayanan Subramaniam in 2010.

It services around 1.85 lakh customers across 52 branches spread over four states, aggregating a loan portfolio of around Rs 380 crore. As per the release, Svasti aims to reach a total loan portfolio of Rs 550 crore by 2019-20 and Rs 1,100 crore by 2020-21.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Why unequal access to coronavirus vaccines is a threat to us all

... ...

India’s love affair with fossil fuels: the path to sustainable development?

... ...

Videos

Latest News

WRAPUP 11-At least seven dead on bloodiest day of Myanmar protests against coup

Myanmar police fired on protesters on Sunday in the bloodiest day of weeks of demonstrations against a military coup and at least seven people were killed and several wounded, political and medical sources and media said.Myanmar has been in...

Dubai cat cafe hopes rescues will find purr-fect new homes

A haven for humans craving furry feline company, a cat cafe in Dubai also doubles as an adoption centre for some of the United Arab Emirates many strays. The Ailuromania Cat Cafe, which was the Middle Easts first cat cafe when it opened in ...

EXCLUSIVE-Mexico's president expected to ask Biden to share U.S. vaccines-sources

Mexican President Andres Manuel Lopez Obrador is expected to ask President Joe Biden to consider sharing part of the U.S. coronavirus vaccine supply with its poorer southern neighbor when the two leaders hold a virtual summit on Monday, U.S...

Three persons arrested from Baramati, Pune, in connection with Army exam paper leak: Officials.

Three persons arrested from Baramati, Pune, in connection with Army exam paper leak Officials....

Give Feedback