Emerging markets-focused microfinance holding firm Gojo raises $19m

FILE PHOTO: View of downtown Yangon, Myanmar September 23, 2015. REUTERS/Soe Zeya Tun/File photo

Tokyo-based holding company of microfinance institutions Gojo & Company has raised an additional amount of $19 million in its ongoing Series D round from a host of international investors, according to an announcement.

The round saw the participation of TGVest Capital, Baillie Gifford, Future Venture Capital (CVC of East Japan Bank), and several individual investors.

Earlier this year, in May, Gojo raised $22 million in its Series D round from Seven Bank, Credit Saison, SBI Group, besides a slew of individual investors.

The company plans to use the funding to expand its operations and ramp up digitalization of its existing group companies in Cambodia, Myanmar, Sri Lanka, and India. Going forward, it is looking to foray into new markets in Asia and Africa.

Gojo was founded to include financial inclusion for everyone in the world beginning with the developing countries. Gojo encourages the formalization and growth of micro, small, and medium-sized enterprises.

It claims to have a gross loan portfolio of $260 million, thereby having served over 570,000 clients in Cambodia, Myanmar, Sri Lanka and India.

The company launched the pilot of Digital Field Application (DFA), which was co-developed with MAXIMA, its group company in Cambodia aiming to accelerate digitalization and also reduce lead time in serving financial products to clients.

“As a growth capital private equity fund, we are always interested in innovative businesses disrupting an industry with tech-enabled applications,” said DC Cheng, Chairman of TGVest Capital.

TGVest Capital is an Asia-based technology-focused private equity fund specializing in buyout and growth capital investments in companies.

Meanwhile, Baillie Gifford is an independent investment partnership based in Scotland, UK, with $324 billion of assets under management (as at 30 June 2020).

Last year, Gojo and Capital 4 Development Asia Fund Netherlands invested $8.5 million (Rs 60 crore) in a Series B funding round in Delhi-based AVIOM India Housing Finance.

Earlier, the Japan financial company led a $6.2 million investment in New Delhi-based micro-finance firm Satya MicroCapital. With imminent approval from the Reserve Bank of India (RBI) to shore up its ownership in Satya, the company has committed to investing an additional $10 million in the firm, it said in the announcement.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.