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 raised aSeries B funding round of $8.7 millionfromNorway-basedNordic Microfinance Initiative(NMI) and Carpediem Capital.
It closed its Series A round$4 million from Carpediem Capital earlier in March 2019.
Welcoming the investment, Co-founders Abhisheka Kumar and Malkit Didyala, said,
“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.”
Sindhuja, in its two years of operations, has provided microloans to over 84,000 self-employed women micro-entrepreneurs across five northern states in the country.Thecompany currently operates 56 branches with over Rs 1.7 billion in Assets under Management (AUM). 100 percent of its branches are claimed to be located in rural and remote rural regions.
Sindhuja, in its two years of operations, has provided microloans to over 84,000 self-employed women micro-entrepreneurs across five northern states in the country.Thecompany currently operates 56 branches with over Rs 1.7 billion in Assets under Management (AUM). 100 percent of its branches are claimed to be located in rural and remote rural regions.