Indian Microlender SV Creditline Gets $8M From Blue Orchard
Delhi-based microfinance firm SV Creditline Pvt Ltd (SVCL) said on Friday it has raised $8 million (Rs 52 crore) in funding from global impact investment manager Blue Orchard.
The company received the amount in two equal installments in November and December via non-convertible debentures.
The transaction takes the total capital raised by the firm to Rs 150 crore. In November, promoter Sunil Sachdeva had also injected Rs 10 crore into the company through a preference share issue.
The company, which has been in operation for half a decade, is one of the fastest-growing mid-sized microfinance institutions.
According to a report by Microfinance Institutions Network, SVCL’s gross loan portfolio grew 97 per cent in 2014-15. In comparison, gross loan portfolio of mid-sized firms grew 51 per cent. The company’s loan portfolio grew 17 per cent in the first half of 2015-16 to Rs 494.21 crore as it added 1,57,889 clients.