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.)



Blockchain in Healthcare: Opportunities and challenges

The use of blockchain in healthcare is a relatively new innovation with many of its uses still being explored and related technologies being developed, improved, and scaled. ...

Debate surrounding vaccine passports and development misses bigger picture

... ...

Blockchain vs IOTA: Looking for a better alternative

... ...

For stability, Iraq needs to crack down on corruption

... ...


Latest News

Pipeline outage causes U.S. gasoline supply crunch, panic buying

Gas stations from Florida to Virginia began running dry and prices at the pump rose on Tuesday, as the shutdown of the biggest U.S. fuel pipeline by hackers extended into a fifth day and sparked panic buying by motorists. The administration...

Mexico reports 1,897 new coronavirus cases, 234 more deaths

Mexicos Health Ministry on Tuesday reported 1,897 new confirmed coronavirus cases and 234 more deaths, bringing the total number of cases in the country to 2,368,393 and fatalities to 219,323.Separate government data published in March sugg...

Prolific actor and director Norman Lloyd dies at age 106

American actor, producer and director Norman Lloyd, whose career of more than 80 years included collaborations with legends such as Charlie Chaplin and Orson Welles, has died at the age of 106, Variety and Deadline Hollywood reported on Tue...

Ghislaine Maxwell sex crimes trial in New York slated for November

A U.S. judge will seek to start Ghislaine Maxwells trial on charges she procured teenage girls for Jeffrey Epstein to sexually abuse on Nov. 29, rejecting the British socialites request to begin three weeks earlier.U.S. District Judge Aliso...

Give Feedback