Light Microfinance gets $10 mn funding, calls it ‘important milestone’

Ahmedabad-based Light has got $10 million (Rs 75 crore) in funding from European Impact Investors Incofin (a Belgian firm), Nordic Initiative (Norwegian) and Triple Jump (Dutch). This is Triple Jump’s first investment in Indian

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.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Free Course

"Double Your Traffic in 30 days" + Secret Bonus

valued at $299

This amazing course will teach you, step by step, how to double if not triple your traffic over the next 30 days.

100% Privacy. We will never spam you!