Light Microfinance secures $10 mn from three European impact investors

Light Microfinance secures $10 mn from three European impact investors

PTIUpdated: Monday, July 19, 2021, 01:33 PM IST
article-image
Light Microfinance's Chief Executive Officer Rakesh Kumar said the investment will boost the lender's expansion plans in Haryana, Rajasthan and Madhya Pradesh |

Micro lender Light Microfinance Monday said it has secured $10 million (Rs 72.86 crore) in series-A funding from European impact investors Incofin (Belgian), Nordic Microfinance Initiative (Norwegian) and Triple Jump B V (Dutch).

The three funds follow an investment strategy aimed at creating social or environmental impacts in addition to financial gains, a release said.

Light Microfinance's Chief Executive Officer Rakesh Kumar said the investment will boost the lender's expansion plans in Haryana, Rajasthan and Madhya Pradesh.

“We are also investing in multiple technology interventions like an AI-driven analytics platform and mobile applications to enhance sourcing, credit underwriting and collection capabilities through individualized mobile training modules and performance trackers,” he said.

In FY21, the Ahmedabad-based MFI reported a portfolio growth of 30 percent to Rs 623 crore.

Its Chief Financial Officer Aviral Saini said the investment will strengthen the lender's balance sheet and will enable further expansion of loan book to over Rs 1,000 crore.

The lender started its operations in 2009 and was catering to 2.17 lakh borrowers by March 2021, the release said.

RECENT STORIES

Gaja Capital Plans IPO, Files Draft Papers With Sebi

Gaja Capital Plans IPO, Files Draft Papers With Sebi

At BRICS Meet, FM Nirmala Sitharaman Holds Bilateral Talks With China, Russia, Brazil, And Indonesia

At BRICS Meet, FM Nirmala Sitharaman Holds Bilateral Talks With China, Russia, Brazil, And Indonesia

New Aadhaar Rules Announced, Check Updated Document List For Enrolment & Changes

New Aadhaar Rules Announced, Check Updated Document List For Enrolment & Changes

Microsoft Exits Pakistan After 26 Years, Major Blow To Tech Ecosystem

Microsoft Exits Pakistan After 26 Years, Major Blow To Tech Ecosystem

Telangana Government's Big Decision On Work Hours, Now Only This Much Work Required Daily

Telangana Government's Big Decision On Work Hours, Now Only This Much Work Required Daily