Venture capital firm Aavishkaar has exited microfinance institution Suryoday Micro Finance, while real estate portal Housing.com plans to raise more funds.
Aavishkaar exits microfin firm Suryoday
Venture capital firm Aavishkaar has exited microfinance institution Suryoday Micro Finance, in which it had invested in 2009.
The exits have been realised by the Aavishkaar Goodwell I and Aavishkaar Goodwell II funds managed in partnership with Goodwell Investments, an international investment firm.
“With this exit, the funds have generated strong US$ returns by exiting to aligned investors who have taken the mantle of being long term supporters of Suryoday,” Aavishkaar said in a release. For Aavishkaar this deal marks its 21st exit.
According to a recent report in the Financial Express, Suryoday Micro Finance, which is one of 10 companies that have received in principle approval for a small finance bank (SFB) license from RBI, has raised Rs 100 crore ($15 million) of fresh equity capital from a clutch of domestic investors, including IDFC Bank, HDFC Standard Life and a couple of other family offices.
As per the report, along with Aavishkaar Goodwell which exited completely, Lok Capital also sold a part of its stake company
“After the current round of equity capital raising, foreign shareholding in Suryoday Microfinance has dipped below the Reserve Bank of India (RBI) mandated 49 per cent, making it eligible for applying for a final SFB licence. We expect it to get a final approval soon and start operations by the end of the current calendar year,” the report said quoting a source.
Softbank-backed Housing.com plans to raise more funds
Softbank-backed real estate portal Housing.com is in the market again to raise more funds for which it has approached a few strategic investors, according to a Business Standard report quoting Chief Executive Officer (CEO) Jason Kothari.
“We are looking to raise capital in a few months…’’ But, he added, “We are stable… and it isn’t an urgent need.”
In December, the real estate platform had secured $15 million in a fresh round of funding from Japan’s Softbank, its largest investor
While Softbank is Housing.com’s largest investor, other investors in the startup include Nexus Venture Partners, DST Global LP, Falcon Edge Capital LP, Digital Nirvana Fund Co. Ltd, Qualcomm Ventures and Helion Venture Partners.