Sindhuja Microcredit, a new-generation microfinance firm, has secured a substantial $14.5 million (Rs 120 crore) in its Series C funding round. The investment was led by GAWA Capital (through its vehicle Huruma Fund) and Oikocredit. Existing investors, including Carpediem Capital and Abler Nordic, also participated in this funding round.
Empowering Rural Communities
Sindhuja Microcredit focuses on supporting people from rural areas and women borrowers. The company’s collaboration with global impact investors aims to empower India’s underserved farming community. With this fresh capital infusion, Sindhuja plans to achieve the following:
Geographic Expansion: The funds will be deployed to expand the business in its existing geography and foray into new regions.
Product Diversification: Sindhuja aims to introduce new product lines to cater to the financial needs of its diverse customer base.
A Strong Track Record
Sindhuja Microcredit presently manages 235 branches and boasts assets under management (AUM) exceeding Rs 1,000 crore. Over its six-year tenure, the company has extended micro-loans to more than 400,000 self-employed women micro-entrepreneurs across nine states situated in the northern, eastern, and western regions of India.
Commitment to Financial Inclusion
Sindhuja Microcredit, registered as an NBFC-MFI with the Reserve Bank of India, provides financial support to skilled women entrepreneurs facing capital constraints. Additionally, it offers business loans to traders, shopkeepers, and farmers, addressing their working capital needs and facilitating business expansion.
The funding further strengthens Sindhuja Microcredit’s commitment to making financial services easily available to the financially excluded and MSME entrepreneurs through technology-driven solutions.
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