New generation microfinance firm Sindhuja Microcredit has raised $14.5 million (Rs 120 crore) in its Series C round from GAWA Capital (through its vehicle Huruma Fund) and Oikocredit.
Earlier to this round, the company had raised a Series B funding round of $8.7 million from Norway-based Nordic Microfinance Initiative (NMI) and Carpediem Capital in May 2020. It closed its Series A round of $4 million from Carpediem Capital in March 2019.
The new proceeds will be used to expand the business in its existing and new geographies as well as new product lines, the company said in a press release.
Promoted by Abhisheka Kumar and Malkit Singh Didyala, Sindhuja Microcredit provides microfinance to skilled women entrepreneurs who lack capital. The Noida-based company also provides business loans to traders, shopkeepers and farmers for working capital needs or for expanding their businesses.
Within six years of operation, Sindhuja claims to have provided micro-loans to over 400,000 self-employed women micro-entrepreneurs across nine states in northern, eastern and western parts of India.
The company currently operates 235 branches with over Rs 10 billion in Assets under Management (AUM).
