29 March 2024 – Sindhuja Microcredit, a microfinance provider for rural women entrepreneurs, has raised $14.5 million in Series C funding from GAWA Capital and Oikocredit, aimed at expanding its reach and product offerings.
Funding Details:
The funding round led by GAWA Capital and Oikocredit will support Sindhuja Microcredit’s expansion into new geographies, development of new product lines, and continued support for rural self-employed individuals.
The microfinance institution, registered with the Reserve Bank of India, focuses on addressing financial and non-financial needs of rural and semi-urban populations. It provides business loans to traders, shopkeepers, and farmers for working capital and business expansion.
Comments from Leadership:
Abhisheka Kumar and Malkit Singh Didyala, Managing Director and CEO of Sindhuja Microcredit, express pride in the backing from renowned impact investors GAWA Capital and Oikocredit, reaffirming their commitment to providing financial services to the underserved through technology-driven solutions.
Agustín Vitórica, Co-Founder of GAWA Capital, highlights the collaboration’s aim to empower India’s underserved farming community, acknowledging Sindhuja Microcredit’s focus on rural areas and women borrowers.
Sindhuja Microcredit previously raised funding from Carpediem Capital and Abler Nordic, demonstrating continued investor confidence and support for its mission. The company has expanded its operations across nine states, serving over 4 lakh self-employed women micro-entrepreneurs.
Conclusion:
The funding comes amidst growth in India’s microfinance sector, with NBFC MFIs leading in portfolio share, highlighting the sector’s crucial role in financial inclusion and support for small businesses in rural and semi-urban areas.
