Three previous investors in the company recently committed an additional INR 310 million (USD 4.3 million) to Svasti Microfinance, a provider of loans and payment services to 188,000 customers in India, mostly
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MICROCAPITAL BRIEF: Kinara Capital of India Raises $10m from IndusInd Bank for Assisting Small Businesses, with Guarantee from DFC
India’s Kinara Capital recently accepted a five-year loan of USD 10 million from Induslnd Bank, a unit of India’s Hinduja Group, to increase the financial inclusion of small businesses active in manufacturing, trading and services. The loan carries a full guarantee from the US government’s International Development Finance Corporation (DFC). Kinara offers loans primarily for
MICROCAPITAL BRIEF: Mastercard, Razorpay to Increase Access to Recurring Payments for Startups, SMEs in India
US-based company Mastercard and India-based financial technology firm (fintech) Razorpay recently partnered to increase access to mobile payments for small and medium-sized enterprises (SMEs) in India. The partnership will combine “Razorpay’s payment processing capabilities with Mastercard’s trusted and secure dig
MICROCAPITAL BRIEF: Microfinance Institution Arohan of India Files for IPO, Early Investors to Exit, Deals May Total $247m
The microlender Arohan Financial Services recently filed with the Securities Exchange Board of India in preparation for an initial public offering (IPO) through which it seeks to raise INR
MICROCAPITAL BRIEF: SarvaGram Raises $10m from Elevation Capital, Elevar Equity for Microfinance in India
SarvaGram, a microlender in India, recently secured equity investments totaling USD 10.5 million in a funding round led by Elevation Capital, with participation from Elevar Equity. The terms of the investments have not been released. Elevar Equity previously invested USD 3.5 million in SarvaGram, which offers
MICROCAPITAL BRIEF: Creation Investments Launches Debt Fund in India to Focus on Microfinance, SMEs, Housing, Education
Creation Investments Capital Management, which is based in the US city of Chicago, recently opened an office in the Indian city of Bengaluru and launched a fund for lending to non-banking financial companies in the country. The target firms are those that
MICROCAPITAL BRIEF: Satya of India Raises $20m in Equity from Impact Investor Gojo for Microfinance for Rural Women
Indian microfinance institution (MFI) Satya MicroCapital Limited recently raised an additional INR 1.53 billion (USD 20 million) in equity from Japanese microfinance investor Gojo & Company. The investment takes the total funds raised by the company to INR 2.6 billion (USD 36 million).
MICROCAPITAL BRIEF: India’s DeHaat Raises $30m in Equity for Agricultural Technology from Prosus Ventures, RTP Global, AgFunder, FMO, Omnivore, Sequoia India
DeHaat, an India-based agriculture technology (agritech) company, recently raised USD 30 million in Series C funding. Prosus Ventures, a technology investor based in the Netherlands, led the round, with RTP Global, a Russia-based venture capital firm, also investing in DeHaat for the first time. The following entities increased their stakes
MICROFINANCE PAPER WRAP-UP: “Debt Relief in the Pandemic: Lessons from India, Peru and Uganda;” by Elisabeth Rhyne, Eric Duflos; Published by CGAP
In response to the economic effects of the COVID-19 pandemic, regulators in approximately 115 countries directed financial service providers (FSPs) to grant debt moratoria and restructuring to their borrowers. The authors of this paper reviewed surveys, interviews and other materials regarding
MICROCAPITAL BRIEF: Agritech CropIn of India Raises $20m in Equity from Investors Including ABC World Asia, CDC Group, Pratithi Investment Trust
CropIn, an agricultural technology (agritech) firm based in India, recently raised USD 20 million in its Series C funding round. The lead investor is ABC World Asia, a private equity firm headquartered in Singapore. ABC World Asia CEO David Heng said the investment
MICROCAPITAL BRIEF: Samunnati Borrows $12m from FMO, Triodos to Boost Agricultural Producer Organizations, SMEs in India
Samunnati, a non-banking financial company in India dedicated to the agricultural sector, recently borrowed EUR 5 million (USD 6.1 million) each from Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden (FMO), a development bank controlled by the Dutch government, and Triodos Investment Management (Triodos IM), a subsidiary of Netherlands-based Triodos Bank, for on-lending to farmer producer organizations (FPOs) and small and medium-sized enterprises (SMEs) in the agricultural sector. Triodos IM is disbursing the funds from
MICROCAPITAL BRIEF: Aye Finance Borrows $10m from Catalyst Trusteeship for On-lending to MSEs in India
Aye Finance, an online lender in India, recently received USD 10 million in debt financing from India-based Catalyst Trusteeship via Catalyst’s investment vehicles Masala Investment Sarl and Asian Access Vehicle (AAV) Sarl. Through a mobile-phone application,
MICROCAPITAL BRIEF: Charm Impact Raises $360k in Equity to Expand Lending for Solar Energy in West Africa, India
Charm Impact, a UK-based lender to renewable-energy firms in developing countries, recently raised GBP 274,000 (USD 360,000) in equity financing through the UK-based crowdfunding platform Crowdcube. Charm plans to use the funds to scale up its operations
MICROCAPITAL BRIEF: Fintechs E9pay, Nium Offer Personal, B2B Money Transfers Between South Korea, Europe, India, Indonesia, US
Nium, a Singapore-based financial technology (fintech) infrastructure platform, recently partnered with E9pay, a digital remittance provider in South Korea, to allow E9pay clients to send remittances to and from India, Indonesia, the US, and other markets, including in Europe. These clients include
MICROCAPITAL BRIEF: Haqdarshak Targets MSMEs, Employees with Fee-based Service for Potential Recipients of Government Services in India
Haqdarshak Empowerment Solutions, a for-profit service that helps people in India access 254 government and private programs, recently expanded its focus on community organizations and larger businesses to include micro-, small and medium-sized enterprises (MSMEs). The firm works with these partner organizations to reach
MICROCAPITAL BRIEF: FMO Loans $5m to Husk Power Systems for Renewable Energy Generated from Biofuels, Distributed via Minigrids in Rural India, Tanzania
The Netherlands Development Finance Company, a public-private partnership also known by its Dutch acronym FMO, recently disbursed a loan of USD 5 million to Husk Power Systems, an India-based startup that builds small-scale electricity generation and distribution networks in rural areas of India and Tanzania. These minigrids use biofuels
MICROCAPITAL BRIEF: Invest In Visions Mikrofinanzfonds Lends $36m to Indian MFIs Asirvad Microfinance, Sonata Finance
Invest In Visions Mikrofinanzfonds, a fund managed by Germany-based Invest In Visions (IIV), recently made loans totaling EUR 30 million (USD 35.6 million) to two Indian microfinance institutions, Asirvad Microfinance and Sonata Finance. Asirvad received EUR 25 million (USD 29.6 million) and Sonata received EUR 5 million (USD 5.9 million). Both microfinance institutions serve low-income female customers in India,
MICROCAPITAL BRIEF: India-UN Development Partnership Fund to Provide $850k for Climate-disaster Index Insurance in Fiji
The government of India and the UN Office for South-South Cooperation (UNOSSC), through the India-UN Development Partnership Fund that they co-manage, recently agreed to contribute FJD 1.8 million (USD 850,000) to implement the Developing Climate Disaster Risk Financing Framework and Parametric Insurance program in Fiji. The funding is intended to mitigate