New-gen microfinance firm Sindhuja Microcredit raised Rs 120 Cr Series C funding
In its Series C round, GAWA Capital (through its Huruma Fund vehicle) and Oikocredit contributed $14.5 million (Rs 120 crore) to the new generation microfinance firm Sindhuja Microcredit.
The company had previously raised $8.7 million in a Series B funding round from Carpediem Capital and the Norway-based Nordic Microfinance Initiative (NMI) in May 2020. In March 2019, it concluded a $4 million Series A round from Carpediem Capital.
According to a press release from the company, the additional funds will be utilized to grow the company’s operations in both new and existing geographic areas and to launch new product lines.
Abhisheka Kumar and Malkit Singh Didyala are the promoters of Sindhuja Microcredit, which gives qualified women business owners who lack capital access to microfinance. Additionally, traders, retailers, and farmers can apply for business loans from the Noida-based company to fund their expansion or meet working capital needs.
In nine states in the northern, eastern, and western regions of India, Sindhuja claims to have given microloans to over 400,000 independent women microentrepreneurs in just six years of operation.
With more than Rs 10 billion in assets under management (AUM), the company presently runs 235 branches.
