Rural-focused lender Sindhuja Microcredit has successfully closed a significant Series C funding round, raising $14.5 million (approximately Rs 120 crore).
This funding round was led by GAWA Capital, operating through its vehicle Huruma Fund, and Oikocredit. Notably, existing investors Carpediem Capital and Abler Nordic also participated in this round, underscoring confidence in Sindhuja’s mission and potential.
Expansion Plans:
The infusion of capital will enable Sindhuja Microcredit to expand its operations both geographically and in terms of product offerings. With a commitment to empowering rural communities,
the company aims to deepen its presence in existing areas while also venturing into new regions. Furthermore, the funds will facilitate the introduction of new product lines tailored to the specific needs of underserved populations.
Supporting India’s Underserved:
Agustín Vitórica, Co-Founder of GAWA Capital, emphasized the significance of supporting India’s underserved farming community. He expressed confidence in Sindhuja Microcredit’s ability
to address the financial needs of rural populations, particularly women borrowers. This collaboration underscores a shared vision to empower individuals from rural areas and drive inclusive growth.
Company Milestones:
Sindhuja Microcredit has achieved significant milestones since its inception in 2018. Presently managing 235 branches, the company’s assets under management (AUM) exceed Rs 1,000 crore.
Over the past six years, Sindhuja has extended micro-loans to more than 400,000 self-employed women micro-entrepreneurs across nine states in northern, eastern, and western India.These achievements highlight the company’s deep-rooted impact and commitment to financial inclusion.
Technology-Driven Solutions:
In a statement, Sindhuja’s Managing Director Abhisheka Kumar and CEO Malkit Singh Didyala emphasized the company’s dedication to leveraging technology-driven solutions.
They reiterated the firm’s commitment to making financial services easily accessible to financially excluded individuals and MSME entrepreneurs.
Through innovative approaches, Sindhuja aims to bridge the gap in access to finance and support economic empowerment.
About Sindhuja Microcredit:
Established in 2018 by Abhisheka Kumar and Malkit Singh Didyala, Sindhuja Microcredit operates as an NBFC-MFI registered with the Reserve Bank of India. Headquartered in Noida,
the company specializes in extending financial support to skilled women entrepreneurs facing capital constraints.
Additionally, Sindhuja provides business loans to traders, shopkeepers, and farmers, catering to their working capital requirements and facilitating business expansion.
Conclusion:
The successful completion of the Series C funding round marks a significant milestone for Sindhuja Microcredit. With the support of prominent investors like GAWA Capital and Oikocredit,
the company is well-positioned to drive inclusive growth and empower rural communities across India. As Sindhuja continues its journey of financial inclusion,
it remains committed to leveraging technology and innovative solutions to transform lives and foster sustainable development.
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