March 15

Svasti Microfinance Raises $4.2 Million

Svasti today services around 1,87,500 customers across 63 branches spread over 4 states, aggregating a loan portfolio of around INR 4 billion.

Svasti Microfinance Private Limited (Svasti), an RBI Licensed MFI, has raised a total of INR 310 million from its existing investors Adar Poonawalla, Nordic Microfinance Initiative (NMI) and Rajiv Dadlani Group.

Svasti was co-founded by Arunkumar Padmanabhan and Narayanan Subramaniam in 2010 with the objective of bringing their extensive experience in banking, finance and technology development into the consumer finance sector to fulfill the right to finance, and transform the lives of women, especially those uncounted millions who do not have any collateral to support their bids for finance, thus bringing about positive change in society.

Photo courtesy of Baluda.

Source: News Barones (link opens in a new window)

financial inclusion, fintech, microfinance