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Svasti Microfinance raises $10 mn; Dell Foundation, Bamboo Fin exit

In 2015, Svasti raised funds from billionaire Adar Poonawalla, who has subsequently invested in follow-on rounds in 2017, 2018 and in the current round as well

Ranju Sarkar  |  New Delhi 

Photo: Shutterstock
Photo: Shutterstock

Svasti Microfinance Private Limited (Svasti) has raised a total of $10 Million capital from Adar Poonawalla, Nordic Microfinance Initiative (NMI) and Rajiv Dadlani Group. A portion of the funds will be used to provide full exits to early investors, the Michael & Susan Dell Foundation and Bamboo Financial Inclusion Fund.

In 2015, Svasti raised funds from billionaire Adar Poonawalla, who has subsequently invested in follow-on rounds in 2017, 2018 and in the current round as well. In 2018, Svasti raised funds from Nordic Microfinance Initiative, which has also now invested again in the current round. In addition, in the current round, Svasti has raised funds from Family offices of Nalwalas (Dubai), Kayenne Ventures (Singapore) the investment vehicle of siblings Kajal & Navin Fabiani, Patnis (Mumbai) and other HNIs led by the Rajiv Dadlani Group. Till date, Svasti has raised total capital funds of USD 17 Million.

Apart from expanding its branch network, Svasti will use the capital raised to expand and increase its MSME loan portfolio and provide other financial services, such as consumer finance and insurance, in partnership with other leading institutions. Early investors in Svasti include the Michael & Susan Dell Foundation, Bamboo Financial Inclusion Fund, venture capitalist Sajid Fazalbhoy and investment banker and angel investor Rajiv Dadlani.

Svasti, co-founded by Arunkumar Padmanabhan and Narayanan Subramaniam in 2010, serves 185,000 customers across 52 branches spread over 4 states, aggregating a loan portfolio of around Rs 380 crore. Svasti aims to reach total loan portfolio of Rs 550 crore by FY 2020.

First Published: Mon, November 11 2019. 19:12 IST
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