NMI invests in Sindhuja Microcredit, an early stage MFI in India
Sindhuja Microcredit, a new generation digital and rural focused Micro Finance Institution (MFI) providing financial services to the bottom of the pyramid self-employed women entrepreneurs, has declared a Series B round of capital raise of USD 8.7 million from Norway-based Nordic Microfinance Initiative (NMI) and Carpediem Capital, subject to receipt of relevant regulatory approvals.
Sindhuja, in its two years of operations, has provided microloans to over 84,000 self-employed women micro-entrepreneurs across 5 states in Northern part of the country. The Company currently operates 56 branches with over INR 1.7 billion in Assets under Management (AUM). 100% of its branches are located in rural and remote rural regions. It had closed its Series A round of USD 4 million from Carpediem Capital in March 2019.
Welcoming the investment, the Promoters, Abhisheka Kumar & Malkit Didyala, mentioned "NMI is a well-known impact investor and it is a matter of pride for us to have their backing. We are also humbled with the continued confidence shown by Carpediem Capital, our existing investor. 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."
Commenting on their investment, Arthur Sletteberg, Managing Director, NMI said "At NMI, we firmly believe in the inherent potential of financial inclusion of poor and rural households in India and we are committed to supporting entrepreneurs who share this endeavor. Sindhuja is a young and growing MFI, backed by Promoters who have profound understanding of the sector and its operations. The Company is well-poised to tap on the market potential and we are very happy to support them at this crucial growth stage, amidst the prevailing global pandemic crisis."
Commenting on the development, Abhishek Sharman, MD, Carpediem Capital said "We welcome NMI on board and look forward to working with them and the company to build a scaled-up platform providing financial inclusion for women entrepreneurs in rural India."
Links
- Sindhuja Microcredit
- The Economic Times: Norway’s NMI, Carpediem invest in Delhi-based Sindhuja Microcredit
- The Hindu Business Line: Sindhuja Microcredit raises $8.7 million in Series B round
- Your Story: Microfinance company Sindhuja Microcredit raises $8.7M in Series B from NMI and Carpediem Capital
- Live Mint: Sindhuja Microcredit raises $8.7 mn from NMI, Carpediem Capital
- VC Circle: Sindhuja Microcredit bags Series B funding from NMI, Carpediem Capital
