Suryoday Micro Finance gets funding of Rs 27 crore

IFC invested Rs 15 cr while current investors Aavishkaar Goodwell and Lok Capital invested Rs 6.2 cr each

Suryoday Micro Finance got next round of funding of Rs 27 crore. International Financial Corporation (IFC) invested about Rs 15 crore while current investors Aavishkaar Goodwell and Lok Capital invested Rs 6.2 crore each in the company. Intellecap Investment Banking practice acted as the sole advisor for Suryoday in this transaction.

Suryoday Micro Finance is a registered non-banking finance company (NBFC), engaged in providing loans to women from economically weaker sections, below poverty line and the marginal poor who do not have access to traditional banking, with an objective to reduce poverty in its area of operation.

It currently has close to 70 operational branches and a portfolio of Rs 330 crore with over 250,000 customers across Maharashtra, Tamil Nadu, Gujarat, Orissa, Karnataka and Rajasthan. HDFC Group is also in investor in the company along with a group of HNIs.

Intellecap's Investment Banking Practice offers a range of services that include raising capital and offering corporate finance advice to growing businesses in India. With significant investor relationships that span the globe, Intellecap Investment Banking has helped clients to raise over Rs 1,100 crore in equity alone.