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India's Svasti Microfinance secures $4.2m from Adar Poonawalla, others


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Adar Poonawalla-backed Svasti Microfinance to raise Rs 150 crore


Svasti Microfinance, a start-up backed by Serum Institute of In­dia Chief Executive Adar Poonawalla, is in talks to raise Rs 150 crore in the next financial year, said a company executive.
This is likely to conclude by the third quarter of FY22, said Arunkumar Padmanabhan, co-founder of Svasti Micro­finance. The company, which supports women micro entrepreneurs thorough collateral-free loans, is in talks with both India and foreign investors to raise this round, Padmana­bhan said.
The Reserve Bank of India-licensed firm has just raised Rs 31 crore from its existing investors Poonawalla, Nordic Micro­finance Initiative, and Rajiv Dadlani Group.

Svasti raises USD 10 mn for branch expansion, MSME financing


Svasti Microfinance has raised a funding of USD 10 million (about Rs 71 crore) for expansion of branch network and increasing MSME financing.
The capital was raised from Adar Poonawalla, Nordic Microfinance Initiative (NMI) and Rajiv Dadlani Group, the Mumbai-based company said in a release.
Till date, Svasti has raised a total capital of USD 17 million.
"Apart from expanding its branch network, Svasti will use the capital raised to expand and increase its MSME loan portfolio and provide other financial services, such as consumer finance and insurance, in partnership with other leading institutions," the release said.
A portion of the funds raised in the current round is being used to provide full exits to Michael and Susan Dell Foundation and Bamboo Financial Inclusion Fund, it added.

Svasti Microfinance raises $10 mn; Gates Foundation, Bamboo Fin exit

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Nordic Microfinance Initiative: Nordic Microfinance Initiative raises its investment in Svasti Microfinance

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Synopsis
Nordic Microfinance Initiative (NMI) has raised its investment in Mumbai-based Svasti Microfinance while Michael & Susan Dell Foundation and Bamboo Capital Partners have exited in a $10 million share sale which includes both primary and secondary deals. The fresh investment has raised Mumbai-based microfinance’s net worth to Rs 100 crore.
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KOLKATA: Nordic Microfinance Initiative (NMI) has raised its investment in Mumbai-based Svasti Microfinance while Michael & Susan Dell Foundation and Bamboo Capital Partners have exited in a $10 million share sale which includes both primary and secondary deals.
The fresh investment has raised Mumbai-based microfinance’s net worth to Rs 100 crore and would provide headroom to meet growth plans till March 2021.

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