Arohan Financial Services, a city-based micro-finance institution (MFI), has raised Rs 155.5 crore from existing and new investors to support its expansion plans.
"We have raised Rs 155.5 crore from existing and new investors to assist in the expansion of its operations in Uttar Pradesh, Tripura and Madhya Pradesh", Arohan MD Manoj Kr Nambiar told reporters today.
He said that Arohan, a part of Aavishkaar-Intellecap Group, was now present in seven states -- West Bengal, Assam, Chhattisgarh, Jharkhand, Meghalaya, Bihar and Odisha.
Nambiar said that by the end of April 2017, the total loan portfolio of Arohan was Rs 1031 crore, and the target was to take it to Rs 2000 crore by March 2018 and Rs 5000 crore by March 2020.
At present, the MFI was serving 7.39 lakh borrowers he said, adding that plans were there to take it to 60 lakh by 2022.
Vineet Rai of Aavishkaar-Intellecap said that Arohan could potentially go public in four years to raise more capital for fund expansion.
The investors that have put in money so far were Intellecash, Aavishkaar-Goodwell, Maj Invest, Tano Capital, Michael and Susan Dell Foundation among others.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)