Sindhuja Microcredit, a Noida-based microfinance institution (MFI) targeting the rural sector, has secured $5 million (approximately Rs 47 crore) in a pre-Series D funding round. The funding came from existing investors Abler Nordic, GAWA Capital, and Oikocredit 1.
Sindhuja Microcredit plans to utilize the funds to bolster its capital base, support business expansion, and broaden access to responsible credit for underserved communities 1.
Abhisheka Kumar and Malkit Singh Didyala, founders of Sindhuja Microcredit, stated that they are making significant progress in their mission to impact the lives of low-income women borrowers and provide financial services to the financially excluded and MSME entrepreneurs through efficient, customer-friendly, and technology-enabled solutions 1.
Over the past eight years, Sindhuja Microcredit has provided micro-loans to over 500,000 self-employed women and micro-entrepreneurs across twelve states in Northern, Eastern, Southern, and Western India. It also offers business loans to traders, shopkeepers, and farmers for working capital and business expansion 1.
The MFI currently operates 366 branches and manages over Rs 1,100 crore in Assets Under Management (AUM) 1.
Smriti Chandra, Abler Nordic's Regional Director for Asia, expressed confidence in Sindhuja Microcredit's management team and their ability to navigate challenges in the microfinance sector 1.
Abler Nordic, an Oslo-based impact investor, focuses on expanding access to financial services for low-income households and underserved MSMEs across Asia and Africa. It manages six funds with $470 million in cumulative capital and operates from offices in Oslo, Bengaluru, Nairobi, and Jakarta. India has been a core market since 2009, with ten current portfolio companies serving over 7 million customers 1.
Agustín Vitórica, Co-Founder of GAWA Capital, highlighted their support for Sindhuja Microcredit through this follow-on investment 1.
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