NMI part of USD 25 million Series B funding round in tech-driven Light Microfinance
The funding round was led by British International Investment (BII) with existing investors Nordic Microfinance Initiative (NMI), Triple Jump and Incofin participating.
22 SEPTEMBER, 2022
The USD 25 million (INR 196 crore) Series B funding round in Light Microfinance was led by British International Investment (BII) with existing investors Nordic Microfinance Initiative (NMI), Triple Jump and Incofin participating.
Light Microfinance is one of the fastest growing MFIs in India and aims to provide responsible financial services for low-income families excluded from the financial system in India, using a strong technology platform.
The Series B funding will be utilized for geographical expansion into new states to diversify the company’s product lines and continued investments in technology and digital initiatives.
All of Light’s existing investors— NMI, Triple Jump BV and Incofin IM—participated in the round, having previously cooperated in a USD 10 million (INR 75 crore) Series A funding round in July 2021.
Light Co-founder and CEO Rakesh Kumar said, “It is our strong focus on the customer together with the risk management that has allowed the company to grow at such a phenomenal rate while continuing to have one of the industry’s best asset quality, something that we have maintained in every one of the last 16 quarters.”
Arthur Sletteberg, NMI Managing Director, said, “Light’s asset quality and ability to serve their clients during challenging times is impressive. The Company demonstrated a yearly 90% growth ending June 2022 while maintaining a low-risk portfolio, which shows its deployment of robust risk management systems. We are eager to continue to support and cooperate with Light on their journey to grow social and economic inclusion for their clients.”
Founded in 2008, Nordic Microfinance Initiative (NMI) is a Norwegian public-private partnership investing in institutions building financial inclusion in Asia and Africa. Both positive social impact and sustainable financial returns are targeted, and NMI focuses on active value creation through both equity and debt investments. Investors include the Norwegian and Danish governmental funds for developing countries (Norfund and IFU) and private financial institutions and family offices from Norway and Denmark.
About Light Microfinance
Light Microfinance is a Non-Banking Finance Company registered with the Reserve Bank Of India. Headquartered at Ahmedabad, Gujarat, Light Microfinance provides micro and meso finance products and services with gender and poverty-focused programs, targeting rural and peri-urban areas, with a specific focus on poor women. The company operates in Gujarat, Rajasthan, Madhya Pradesh & Haryana and is one of the fastest growing microfinance companies in India today.