India: MFI Spandana Sphoorty raises $62m from Birla Mutual Fund

Micro finance institution (MFI) Spandana Sphoorty Financial Ltd has raised Rs 400 crore ($61.8 million) from Birla Sun Life Asset Mutual Fund.

According to a report in The Economic Times citing company’s senior executive, the fund managed by Aditya Birla has invested the money in the form of non-convertible debentures (NCDs).

The company has been raising funds to clear its existing debts with 37 financial institutions which had previously gone bad. The new funding comes following the completion of the restructuring process after it raised funding from Kedaara Capital in April.

It had raised $270 million through a mix of equity and debt funding. In the round, the Kedaara Capital-led consortium including Ontario Teachers’ Pension Plan invested over $100 million for a stake while it raised $170 million from IndusInd Bank, Yes Bank and ICICI Bank in the form of debt.

The fresh proceeds will be used by the company to increase its lending portfolio of the 586 branches operated by the micro-finance company across the country, AVP finance Aditya Kumar said in the report.

The MFI operates through 540 branches in 13 states across the country and has over 2 million borrowers with a portfolio outstanding of Rs 1,325 crore.

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India: MFI Spandana Sphoorty raises $270m funding

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.