Sindhuja Microcredit has raised $4 million in the first private equity round. The microcredit company is the new generation financing firm which caters financial services to rural households in Bihar, Jharkhand and Uttar Pradesh.
In Private Equity (PE) round, Vindura Capital offered financial guidance to Sindhuja Microcredit as a financial advisor and Vertical Partners and Antares Legal worked as legal advisors, as reported by the Indian daily news, Business World.
The finance industry veterans, Abhishek Kumar and Malkit Didyala established Sindhuja Microcredit in 2018 with an aim to render financial services to poor classes of the society, essentially households.
The company started disbursing loan since April 2018 and presently, has established 23 branches with more than 28,977 customers. With a focus on helping women entrepreneurs in rural India, Sindhuja Microcredit has 90 per cent of its branches in rural areas.
Since cash-based transactions spike in rural side, Sindhuja Microcredit is reversing this trend by introducing cashless payment, as well as the collection, and thus, aiming to become 100 per cent cashless by next year.
We are very enthused about our partnership with Carpediem. We look forward to leveraging the experience of Carpediem team to further strengthen our commitment to inclusive growth. The presence of reputed institutional investor will also give a lot of comfort to all other stakeholders including the current and potential lenders. We will be using the funds raised to increase our footprint in existing states and exploring new territories as well as for technology advancement. Abhisheka Kumar, MD at Sindhuja Microcredit, Malkit Singh