Norway’s NMI, Carpediem Invest in Delhi-Based Sindhuja Microcredit
India, May, 11 2020 -
Norway-based Nordic Microfinance Initiative (NMI) and Carpediem Capital have agreed to invest Rs 67.5 crore in Sindhuja Microcredit, a New Delhi-based rural focused micro finance institution.
NMI and Carpediem will pick minority stakes in the company, which provides financial services to the bottom of the pyramid self-employed women entrepreneurs.
Sindhuja Microcredit has raised $4 million in Series A funding in March 2019 from Carpediem.
Founded two years ago, Sindhuja has provided microloans to over 84,000 self-employed women micro-entrepreneurs across 5 states in Northern part of the country. The Company currently operates 56 branches in these states.
Vidura Capital acted as the Exclusive Financial Advisor for the transaction. Vertices Partners acted as the Legal Counsel for Sindhuja Microcredit and Antares Legal for the investors for the transaction.
“Our customers including self-employed rural women, are the most vulnerable in the COVID – 19 worlds with their livelihoods under direct threat. This funding will be used to scale our operations and provide much needed financing to these women micro-entrepreneurs,” said Abhisheka Kumar, co-founder and MD of Sindhuja.
Nordic Microfinance Initiative is a well reputed international impact investor, which invests in MFIs across Africa and Asia, strictly focusing on double bottom line investments. NMI is a public-private partnership, owned by the Norwegian and Danish governmental funds for developing countries and large private sector institutions. It manages funds of over $250 million.
“At NMI, we firmly believe in the inherent potential of financial inclusion of poor and rural households in India and we are committed to supporting entrepreneurs who share this endeavor,” said Arthur Sletteberg, Managing Director, NMI.