India: Sindhuja Microcredit snags $8.7m from NMI, Carpediem Capital

Photo: Reuters

Digital micro-finance institution Sindhuja Microcredit, which offers small loans to self-employed women entrepreneurs in rural areas, on Monday said it has raised $8.7 million in Series B funding from Norwegian development financier Nordic Microfinance Initiative (NMI) and Indian consumption-focused private equity fund, Carpediem Capital Partners.

In March last year, the Noida-based lender had raised $4 million in its Series A round led by Carpediem Capital.

“Our customers, self-employed rural women, are the most vulnerable in the covid-19 worlds with their livelihoods under direct threat. This funding will be used to scale our operations and provide much needed financing to these women micro-entrepreneurs,” said Malkit Didyala, co-founder of the company.

Founded in 2018 by Didyala and Abhisheka Kumar, Sindhuja has given micro-loans to over 84,000 self-employed women across five states in northern India till date. The non-bank micro-lender operates through its 56 branches that are located in rural and remote rural areas and has over ₹1.7 billion in assets under management.

“At NMI, we firmly believe in the inherent potential of financial inclusion of poor and rural households in India and we are committed to supporting entrepreneurs who share this endeavor,” said Arthur Sletteberg, managing director of NMI.

“The company is well-poised to tap on the market potential and we are very happy to support them at this crucial growth stage, amidst the prevailing global pandemic crisis,” he added.

Law firm Vertices Partners advised Sindhuja Microcredit on the transaction.

This article was first published on livemint.com

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.