Norways NMI, others invest in Svasti Microfinance

Mumbai-based Svasti Microfinance Pvt. Ltd has raised $4.8 million (Rs 34 crore) from a clutch of investors including Nordic Microfinance Initiative (NMI) and Serum Institute of India CEO Adar Poonawalla. Svasti will use the capital to expand its branch network, increase its portfolio of loans to small and medium-sized companies, it said in a statement. The lender will also use the money to provide other financial services such as consumer finance and insurance in partnership with other leading institutions. Arunkumar Padmanabhan, co-founder, Swasti Microfinance, said: “Over the next couple of years, Svasti will be a diversified financial services provider to millions of uncounted low- and middle-income households across India.” A portion of the funds raised in the new round will be used to provide exits to some early investors. Svasti's early investors include The Michael & Susan Dell Foundation, Bamboo Capital Partners (previously Bamboo Finance), venture capitalist Sajid Fazalbhoy, investment banker and angel investor Rajiv Dadlani, and a few other individual investors.