Svasti Microfinance Private Limited has now secured INR 31 core from its existing investors Rajiv Dadlani Group and Adar Poonawalla and Nordic Microfinance initiative.
In the year 2015, Svasti has secured funds from the billionaire Adar Poonawalla, who is subsequently invested in all the follow-on rounds and is now in the current rounds as well, the company revealed.
In the year 2018, the company secured funds from the Nordic Microfinance Initiative, which made follow-on investments in 2019 and again 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.
The MFI services around 187500 customers across the 63 branches spread over the four states, aggregating a loan portfolio of around INR 400 crore.
In order to amplify its efforts, Svasti has built a proprietary fintech platform for its business, SvasTech, which helps Svasti to completely control and comprehensively manage its operational risk using fully automated processes.
Svasti was founded in 2010 and co-founded by Arunkumar Padmanabhan and Narayanan Subramaniam with the aim to fulfill the right to finance and transform the lives of women, especially those not having any collateral to support their bids for the finance.
Arunkumar said: “This round of investment from our existing investors motivates everyone associated with achieving our mission of fulfilling every woman’s right to finance and help transform the lives of their families as well.