MICROCAPITAL BRIEF: Utkarsh Raises $32m in Equity from Aavishkaar, Growth Catalyst, Olympus, responsAbility, Triodos for Microfinance in India

Utkarsh Small Finance Bank (SFB) of India recently concluded a private placement of equity shares, raising INR 2.4 billion (USD 32 million) shortly after filing with local regulatory authorities for an upcoming IPO, through which it plans to raise an additional INR 7.5 billion (USD 100 million). The participants in the recent funding round were the India-based Aavishkaar Bharat Fund, US-based Growth Catalyst Partners, Singapore-based Olympus ACF, the Participations Mauritius vehicle of Switzerland-based responsAbility Investments, and two funds of the Netherlands’ Triodos Investment Management.

Launched in 2009, Utkarsh is headquartered in the northern state of Uttar Pradesh and has 507 branches across India. Its service menu includes savings accounts, term deposits, debit cards, insurance, and loans. As of March 2020, it reported INR 94 billion (USD 1.25 billion) in total assets, deposits of INR 52 billion (USD 691 million), a gross loan portfolio of INR 66 billion (USD 877 million), and a return on assets of 2.47 percent for the year.

By Aakansha Shenoy, Research Associate

Sources and Additional Resources

Livemint article
https://www.livemint.com/market/ipo/utkarsh-small-finance-bank-raises-rs240-cr-ahead-of-ipo-11616394560292.html

Utkarsh homepage
https://www.utkarsh.bank/

Utkarsh Annual Report 2020
https://www.utkarsh.bank/uploads/pdf/ourpolicy/template_ten/4_UtkarshAR2019-20Cover_to_Cover_170820.pdf

Aavishkar homepage
https://aavishkaarcapital.in/

Growth Catalyst Partners homepage
https://www.growthcatalystpartners.com/

Olympus Capital Asia homepage
http://www.olympuscap.com/

ResponsAbility Investments homepage
https://www.responsability.com/

Triodos Investment Management homepage
https://www.triodos-im.com/

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