Suryoday Microfinance Private Limited, an Indian non-banking financial company (NBFC), recently announced the closing of its Series B equity financing for a total of INR 175 million (USD 3.8 million), provided by Lok Capital, a new investor in the company, and Suryoday’s existing investor Aavishkaar Goodwell, both of which are social investment/microfinance equity funds operating in India. In connection with the transaction, Lok Capital has agreed to make an additional equity infusion of INR 35 million (USD 756,000), which results in total equity financing of INR 210 million (USD 4.5 million).
Suryoday reported total assets of USD 4.57 million, a gross loan portfolio of USD 3.47 million and 24,678 borrowers as of March 2010.
By Jennifer Shevock, Research Associate
About Suryoday Microfinance Private Limited:
Suryoday Microfinance Private Limited is an Indian non-banking financial company (NBFC) that was founded in 2009. Suryoday aims to provide products and services to the economically challenged with the goal of helping them generate higher income, build an asset base and achieve sustainable standards of living. Suryoday reported total assets of USD 4.57 million, a gross loan portfolio of USD 3.47 million and 24,678 borrowers as of March 2010.
About Lok Capital:
Lok Capital LLC is a microfinance investment vehicle based in Mauritius that provides equity and equity-linked investments to microfinance institutions (MFIs) in India. The fund was launched in 2006 with USD 22 million. Investors include ACCION International, Commonwealth Development Corporation (CDC), Developpement International Desjardins, Netherlands Development Company (FMO), International Finance Corporation (IFC), KfW, and responsAbility. The average investment in MFIs ranges from USD 500,000 to USD 3 million. The Lok Foundation was created along with Lok Capital to provide specialized technical assistance to Indian MFIs.
About Aavishkaar Goodwell India Microfinance Development Company Limited:
Aavishkaar Goodwell India Microfinance Development Company Limited is a for-profit business development company that provides equity finance and support to entrepreneurial microfinance organizations in India. Aavishkaar Goodwell is building a portfolio of USD 25 million in 30-40 microfinance start-ups and 8-10 fast growing institutions. For microfinance start-ups, Aavishkaar Goodwell partners with the IntelleCap financing program which aims to reach out to 10 million clients and add USD 1 billion of outstanding loans by 2010.
Aavishkaar Goodwell was initiated as an Indian-Dutch joint venture. The investment team in India invests alongside the team that manages Aavishkaar India Micro Venture Capital Fund. The Dutch microfinance private equity company Goodwell Microfinance Development Company is the leading investor in Aavishkaar Goodwell, along with development financial institutions and commercial banks, including the Netherlands Development Finance Company (FMO), the International Finance Corporation and Deutsche Bank.
Sources and Additional Resources:
Press release provided to MicroCapital by Lok Capital.
MICROCAPITAL BRIEF: “Microfin Private Limited Disburses $746,000 in Loans to Indian Microfinance Institution (MFI) Suryoday Micro Finance Private Limited” September 2, 2010. https://www.microcapital.org/microcapital-brief-microfin-private-limited-disburses-746000-in-loans-to-indian-microfinance-institution-mfi-suryoday-micro-finance-private-limited/
MicroCapital Universe: Suryoday Microfinance Private Limited: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Suryoday+Micro+Finance+Private+Limited
MicroCapital Universe: Lok Capital: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Lok+Capital+LLC
MicroCapital Universe: Aavishkaar Goodwell India Microfinance Development Company Limited: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Aavishkaar+Goodwell+India+Microfinance+Development+Company+Ltd
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Goodwell Launches uMunthu II Fund for SMEs in Africa
- MICROCAPITAL BRIEF: Invest International Places $11m in Equity Fund uMunthu II to Support Rapidly Expanding SMEs in Africa
- MICROCAPITAL BRIEF: Oxfam, Goodwell Launch Pepea, $23m Fund to Invest in SMEs in East Africa
- MICROCAPITAL BRIEF: Abler Nordic Leads $10m Equity, Debt Investment Round for Ergos, Agtech Offering Crop Storage in India
- MICROCAPITAL BRIEF: Global Partnerships, Goodwell, Oikocredit Invest $8.5m in Equity in Good Nature Agro to Boost Profits of Small Farms in Southern Africa
