MFIs Satya MicroCapital And Sindhuja Microcredit Raise Rs 170 Crore During Lockdown
Two microfinance institutions (MFIs) have raised the total equity capital of Rs 170 crore from global investment firms.
At a time when the microfinance sector is facing mounting liquidity pressure on account of the lockdown, Delhi-based Satya MicroCapital and Uttar Pradesh-based Sindhuja Microcredit have raised Rs 105 crore and Rs 65 crore, respectively, during the lockdown phase.
“The confidence exuded by Japan-based Gojo & Company that funded Satya MicroCapital, and Norway-based Nordic Microfinance Initiative (NMI) and Carpediem Capital that funded Sindhuja Microcredit, in the Indian microfinance sector at such times is truly encouraging for the sector,” Microfinance Institution Network (MFIN), a microlenders’ industry body, said on Monday.
Harsh Shrivastava, CEO, MFIN, said, “This clearly shows the confidence that equity investors have on the Indian microfinance sector, its capacity to bounce back and manage its portfolio qualities even during demonetization, Andhra crisis, etc, making it a safe and viable impact investment. Both investments came in the last few days, showing the resilience of the sector.”