Svasti Microfinance raises Rs 31 cr

The MFI services around 1,87,500 customers across 63 branches spread over 4 states, aggregating a loan portfolio of around Rs 400 crore.

New Delhi: Svasti Microfinance Private Limited (Svasti) on Thursday said it has raised Rs 31 crore from its existing investors Adar Poonawalla, Nordic Microfinance Initiative (NMI) and Rajiv Dadlani Group.

In 2015, Svasti had raised funds from billionaire Adar Poonawalla, who subsequently invested in all follow-on rounds and now in the current round as well, the company said.

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In 2018, the company raised funds from Nordic Microfinance Initiative, which made follow-on investments in 2019 and again in the current round.

“To boost its capital base and fund its growth plans, Svasti would be raising around Rs 150 crore (Rs 1.5 billion) of equity in FY 2021-22. The Company has raised a total of Rs 1.3 billion capital till date,” it added.

Its existing investors also include Sajid Fazalbhoy, Kayenne Ventures (Singapore) and Arihant Patni Family.

The MFI services around 1,87,500 customers across 63 branches spread over 4 states, aggregating a loan portfolio of around Rs 400 crore.

Svasti has built a proprietary fintech platform for its business, SvasTech which helps Svasti to completely control and comprehensively manage its operational risks using fully automated processes.

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