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India : SURYODAY MICRO FINANCE gathered Rs 27-cr from IFC & others.

The Pune-based micro finance institution Suryoday Micro Finance Pvt Ltd has secured about Rs 27 crore in new funds from the World Bank Group member - International Financial Corporation (IFC) and its existing investors vishkr Goodwell and Lok Capital.

The consulting firm Intellecap Investment Banking Practice served as the exclusive advisor for this transaction on behalf of Suryoday.

Promoted by bankers R Baskar Babu, VL Ramakrishnan and Ganesh Rao, Suryoday is a registered non-banking finance company of India.

With a network of more than 70 Suryoday branches, the micro finance institution extends loans to women targeting the economically deprived sections of the society, below poverty line and the marginal poor, who lack links to conventional banking facilities, intended at alleviation of poverty in its operational areas.

Suryoday currently has Rs 330 crore worth of portfolio under management covering around 250,000 customers in the states of Maharashtra, Tamil Nadu, Gujarat, Orissa, Karnataka and Rajasthan.

Apart from a set of HNIs, the micro lender s list of investors also includes Indian giant HDFC Group.

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Publication:Mena Report
Geographic Code:9INDI
Date:Jun 17, 2014
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