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Mitrata Inclusive Financial Services Obtains Funding From a Cohort of Investors

Mitrata renders credit facility mainly to the women demographic in Indian rural regions to economically empower them.
BY BEx Bureau
BusinessEx
Nov 08, 2019

Microlending firm, Mitrata Inclusive Financial Services Pvt. Ltd. has reportedly obtained Series A funding round from a cohort of individual investors.

Sadaf Sayeed, chief executive officer at Muthoot Microfin, was one of the investors in Mitrata, VC Circle reported citing the companys statement.

Mitrata renders credit facility mainly to the women demographic in Indian rural regions to economically empower them. Earlier, it began as a programme for stalling child labour in Moradabad, UP and disbursed its foremost loan of INR 2,500 in January 2010. Later, it extended its operations to two other states--Bihar and Madhya Pradesh, according to its website.

In the NBFC segment, private investors are still making bets as the sector has shrunk owing to a liquidity crunch after Finance and infrastructure firm, ILFS Ltd. collapsed past year.

In the previous month, a non-bank lending firm, Kogta Financial (India) Ltd. collected INR 300 crore in Series C funding round led by a private equity investment firm, Creador.

In September, online lending firm, LoanTap, which gives credits and overdraft items to working professionals, collected $12 million in a Series B funding round led by Avana Capital.

Recently, Sachin Bansal, Co-founder of Flipkart, bought Chaitanya Rural Intermediation Development Services Pvt. by infusing INR 739 crore in the firm and designating as CEO of the firm.

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