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Svasti Microfin raises $10 mn from Poonawalla, NMI & others

Svasti Microfin raises $10 mn from Poonawalla, NMI & others Mumbai, Nov 11 (PTI) Micro lender Svasti Microfinanceon Monday said it has raised a total of USD 10 millioncapital from existing investors, including Adar Poonawalla andNordic Microfinance Initiative (NMI).

In the current round, Svasti also witnessedparticipation from family offices of Nalwalas (Dubai), KayenneVentures (Singapore) the investment vehicle of siblings Kajal& Navin Fabiani, Patni's (Mumbai) and other HNIs led by theRajiv Dadlani Group, the release said.

The microfinance company will use the capital toexpand and increase its MSME loan portfolio, provide otherfinancial services, such as consumer finance and insurance, inpartnership with other leading institutions and expand thebranch network.

In 2015, Svasti had raised funds from Adar Poonawalla,chief executive officer (CEO) and executive director of SerumInstitute of India. He had subsequently invested in follow-onrounds in 2017 and 2018.

Till date, the MFI has raised total capital funds ofUSD 17 million.

Svasti services around 185,000 customers across 52branches spread over four states, aggregating a loan portfolioof around Rs 380 crore. It aims to reach the total loanportfolio of Rs 550 crore by FY20 and Rs 1,100 crore by FY21,it said. PTI HVAP AP