Aavishkar Goodwell Invests in Early Stage Microfinance
Wednesday, August 5, 2009
SMF will be the first MFI in India to secure equity funding prior to the commencement of its ops.
Pune based Suryoday Microfinance (SMF), a micro finance company led by three former bankers, has received an equity investment of Rs 45 million from Aavishkaar Goodwell India Microfinance Development Company. An interesting point to note is that this would be the first MFI in India to secure equity funding from an institutional investor prior to the commencement of its operation. Also, Pune is relatively an untapped market as far as microfinance investing is concerned.
The MFI firm, which got RBI license as an NBFC in April, has managed to reach a cumulative loan disbursement of Rs 2.68 Crores to 2715 customers till June. It has opened six branches in Pune. In a press statement, R Baskar Babu, Co-founder & CEO of Suryoday Microfinance, said, “The support from Aavishkaar Goodwell has enabled us to get started on this venture. This partnership will help us achieve our dream of creating a world class financial services company for the economically challenged women. We want to grow this venture with continuous focus on making a positive social impact.”