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.