Sindhuja Microcredit, a progressive microfinance firm, has successfully closed its Series C funding round, raising Rs 120 crore (approximately $14.5 million). The investment was led by GAWA Capital through its Huruma Fund vehicle, along with participation from Oikocredit.
This funding marks another significant milestone for Sindhuja Microcredit, following previous investments. In May 2020, the company raised $8.7 million in a Series B round from the Nordic Microfinance Initiative (NMI) and Carpediem Capital. In March 2019, it secured $4 million in a Series A round from Carpediem Capital.
The fresh capital infusion will fuel the company’s expansion plans, enabling it to broaden its reach in existing and new geographies and diversify its product offerings. Sindhuja Microcredit aims to empower more skilled women entrepreneurs by providing essential microfinance support. Additionally, the company extends its services to traders, shopkeepers, and farmers, catering to their working capital requirements and business expansion endeavours.
Founded by Abhisheka Kumar and Malkit Singh Didyala, Sindhuja Microcredit has made significant strides since its inception. Within just six years, it has served over 400,000 self-employed women micro-entrepreneurs across nine states in northern, eastern, and western India. The company currently operates 235 branches and manages assets worth over Rs 10 billion.
With this latest funding round, Sindhuja Microcredit is poised to enhance financial inclusion further and contribute to the economic empowerment of communities across India.
