Rural-focused microfinance institution Sindhuja Microcredit on Monday said it has raised USD 5 million (Rs 47 crore) in a pre-series D funding round from its existing investors.
The funding round saw participation from Abler Nordic, GAWA Capital (through its vehicle Huruma Fund) and Oikocredit, the company said in a statement.
The Noida-headquartered NBFC-MFI will utilise the fresh capital to strengthen its capital base, support business expansion, and scale up access to credit for underserved communities.
“We are making significant progress in our mission in touching the lives of low-income women borrowers from under-served households as well as in making financial services accessible to the financially excluded and MSME entrepreneurs through efficient, customer-friendly and technology-enabled solutions,” Sindhuja Microcredit Co-Founders Abhisheka Kumar and Malkit Singh Didyala said in a joint statement.
“The latest funds will drive us to the next phase of growth by further expanding our footprint and strengthening our capability to serve our customers," the statement added.
In its eight years of operations, the company said it has provided micro-loans to over 5 lakh self-employed women and micro-entrepreneurs.
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