 "Light Microfinance gets $10 mn funding, calls it 'important milestone'")
Ahmedabad-based Light Microfinance has got $10 million (Rs 75 crore) in funding from European Impact Investors Incofin (a Belgian firm), Nordic Microfinance Initiative (Norwegian) and Triple Jump (Dutch). This is Triple Jump’s first investment in Indian microfinance.
The three funds follow an investment strategy aimed at creating social or environmental impacts in addition to financial gains.
“This is a very important milestone. The investment will boost our expansion plans in states of Haryana, Rajasthan and Madhya Pradesh,” said Rakesh Kumar, chief executive officer of Light.
Light reported in FY21 a portfolio growth of 30% to Rs 623 crore with 0.9% NPA. “This investment strengthens our balance sheet and will enable further expansion of our loan book to over Rs 1000 crore,” said Aviral Saini, chief financial officer at Light.
The Series-A funding round was led by Incofin. “We are truly impressed with the management team and their commitment to the impact space over the last 11 years,” said Aditya Bhandari, partner & co-regional Director, Incofin.
Light Microfinance started in 2009 and by March 2021, the company was catering to 2.17 lakh borrowers. It has a workforce of over 1400 people across 68 districts.
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