India: Carpediem Capital invests $4m in Sindhuja Microcredit

Photo: Reuters

Mid-market private equity firm Carpediem Capital has injected $4 million (Rs 27 crore) in the Series A funding round of non-banking financial company Sindhuja Microcredit, per an announcement.

The company will use the capital to increase its footprint in existing states, enter new territories and upgrade its technology, Sindhuja said in a statement.

“We see a clear growth trajectory for Sindhuja Microcredit given the attractive demographics of the rural markets. Furthermore, the impact that Sindhuja is creating with women empowerment and financial inclusion is extraordinary. We see value in creating this platform,” said Abhishek Sharman, founder & managing director, Carpediem Capital.

Founded in 2018 by Kumar and Malkit Didyala, Sindhuja Microcredit focuses on rural region women entrepreneurs in India and currently has 23 operational branches with over 28,977 active customers. Almost 90 per cent of its branches are located in rural areas of Bihar, Uttar Pradesh, and Jharkhand.

Meanwhile, Carpediem Capital had reached the first close of its debut fund at Rs 75 crore in 2015. It reportedly raised bulk of the targeted corpus by the middle of 2016.

In January, Carpediem had invested $3.5 million in virtual reality-based interior design and build startup Flipspaces. In October last year, the private equity firm joined a $7-million funding round for fashion jewellery startup Sukkhi Online. Its other portfolio firms include food retailer Biryani Blues, mobile repair and refurbishment startup Yaantra, medical devices distributor ColMed and food processing firm Adinath Agro.

Investment banking firm Vidura Capital acted as the financial adviser to Sindhuja Microcredit on the transaction.

Also Read:

India: PE fund Carpediem Capital invests $6.5m in Nysaa Retail

India Dealbook: OLX acquires Aasaanjobs; Carpediem puts $3.5m in Flipspaces