Svasti Microfinance Private Limited has raised a total of ₹31 crore from its existing investors Adar Poonawalla, Nordic Microfinance Initiative (NMI) and Rajiv Dadlani Group.
It will also be raising around ₹150 crore of equity in FY 2022 to fund growth plans.
The Mumbai-based company has raised a total of ₹130 crore capital to date. Existing investors also include Sajid Fazalbhoy, Kayenne Ventures (Singapore) and Arihant Patni Family.
Svasti was co-founded by Arunkumar Padmanabhan and Narayanan Subramaniam in 2010.
Today, Svasti services around 1.87 lakh customers across 63 branches spread over four States, aggregating a loan portfolio of around ₹400 crore, the company said in a statement. Its post-pandemic collection efficiency has reached 94 per cent and it expects both collections and disbursements to reach pre-pandemic levels by the end of this financial year.
Svasti has built a proprietary fintech platform for its business, SvasTech, using cutting edge technology embedded with artificial intelligence and machine learning.
“The constant trust of existing investors in Svasti will support the plan to double our branches and grow our portfolio to ₹800 crore by March 2022” said Svasti’s co-founder, Narayanan.