Pahal Financial Services Garners $5 Million from WaterEquity
The Ahmedabad-based company, Pahal Financial Services Pvt. Ltd has lately raised debt capital worth $5 million from WaterEquity, a USA-based impact investment asset manager. The organization has touched the lives of more than 8 lakh individuals, a majority of them being women borrowers. Pahal has been working towards providing funding for clean water and proper sanitation facilities to marginalized communities since the last two years. The organization has developed strategies which are in line with the United Nation's Sustainable Development Goal 6 (Clean Water and Sanitation for all).
Pahal claims to have impacted over 10,000 households by providing access to funding for clean drinking water, sanitation and toilet facilities. This debt capital will help the Ahmedabad-based MFI to further on-lend to women borrowers from low-income households, increasing their access to clean water and toilet facilities.
"In partnering with Pahal, WaterEquity is able to support sustainable growth in access to water and sanitation in emerging markets. Together, we are accelerating an end to the global water and sanitation crisis for millions of women, children, and men in India," Sridhar Sampath, South Asia Regional Director at WaterEquity, commented.
Pahal is a company registered with Reserve Bank of India as a Non-Banking Financial Company that provides microfinance services to the low-income households. Kartik Mehta and Purvi Bhavsar, ex-bankers with over 50 years of combined experience, founded the company in 2011. It is based out of Ahmedabad and has more than 170 branches with over 1,500 employees. It has been supported by BOPA (Base of Pyramid Asia) and Opportunity International (through their Indian subsidiary: Dia Vikas) in terms of equity investments. Currently, it has made a significant change in the lives of more than 8 lakh households, mostly women, with total assets under management of nearly INR 750 crores.
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