The fresh investment has raised Mumbai-based microfinance’s net worth to Rs 100 crore and would provide headroom to meet growth plans till March 2021.
“We are ramping up our investments in Indian microfinance space,” NMI managing director Arthur Sletteberg told ET. “We are a long term investor and are very positive regarding growth in India as there is huge potential for financial inclusion.”
NMI has $50 million exposure to India’s six microfinance-oriented firms including the second largest Satin Creditcare Network, North East Small Finance Bank and Utkarsh Small Finance Bank.
The country’s microfinance industry has grown 43% year-on-year to Rs 1.91 lakh crore as on June with total loan accounts rising to 9.27 crore from 6.68 crore a year back amid challenges of tight liquidity, especially for smaller firms.
Svasti Microfinance’s chief executive Arunkumar Padmanabhan said that besides NMI, billionaire Adar Poonawalla, family offices of Nalwalas (Dubai), Kayenne Ventures (Singapore) and other investors led by the Rajiv Dadlani Group invested in this round. Till date, Svasti has raised total capital funds of $17 million.
The non-listed firm with an NBFC-MFI licence did not divulge details of…