Sindhuja Microcredit, a new generation microfinance provider, has raised $14.5 million (Rs 120 crore) in a Series C financing led by GAWA Capital (via its Huruma Fund) and Oikocredit.
In May 2020, the company raised $8.7 million in Series B funding from Norway-based Nordic Microfinance Initiative (NMI) and Carpediem Capital. In March 2019, it concluded its $4 million Series A investment with Carpediem Capital.
According to a press release, the new proceeds will be utilized to expand the business in existing and new geographies, as well as to develop new product lines.
Sindhuja Microcredit, founded by Abhisheka Kumar and Malkit Singh Didyala, provides microfinance to talented women entrepreneurs with limited resources. The Noida-based organization also offers business loans to dealers, shopkeepers, and farmers for working capital or to grow their operations.
Sindhuja claims to have provided microloans to over 400,000 self-employed women microentrepreneurs in nine states spanning northern, eastern, and western India in its first six years of operation.
The organization now has 235 branches and has about Rs 10 billion in assets under management (AUM).
Sindhuja Microcredit Pvt Ltd (Sindhuja) is a new generation microfinance company with its headquarters in NOIDA. It has obtained a Certificate of Registration from the Reserve Bank of India to operate as an NBFC-MFI.
Sindhuja focuses on fulfilling the financial and non-financial requirements of rural and semi-urban residents. Currently, it provides microcredit and insurance to its clients. It does, however, intend to offer other loan products, such as Micro Enterprise Loans, as well as pension and other services to its customers via third-party arrangements. Its goal with these products is to reach out to clients at the “Bottom of the Pyramid” and the “Missing Middle” and help them achieve financial inclusion.
