Money & Banking

Sindhuja Microcredit raises $8.7 million in Series B round

Our Bureau Mumbai | Updated on May 11, 2020

Sindhuja Microcredit, a rural-focussed micro finance institution, has raised $8.7 million from Norway-based Nordic Microfinance Initiative (NMI) and Carpediem Capital in Series B round.

The company, in its two years of operations, has provided microloans to over 84,000 self-employed women micro-entrepreneurs across five states in northern part of the country. It currently operates 56 branches with over ₹170 crore of assets under uanagement, the company said in a statement.

“Our customers, self-employed rural women, are the most vulnerable in the Covid–19 world with their livelihoods under direct threat, this funding will be used to scale our operations and provide much-needed financing to these women micro-entrepreneurs,” Sindhuja Microcredit promoter of Abhisheka Kumar, said.

Vidura Capital was the exclusive financial advisor for the transaction.

Vertices Partners was the legal counsel for Sindhuja Microcredit & Antares Legal for the investors.

In March 2019, the firm had closed Series A round of $4 million from Carpediem Capital.

Published on May 11, 2020

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