In a Series C funding round, Sindhuja Microcredit successfully raised Rs 120 crore in order to empower and support rural women borrowers. The respective firm is a rural-focused microfinance institution that was established in Noida, India. The impact investing groups are GAWA Capital and Oikocredit along with the existing investors Carpediem Capital and Abler Nordic.
Sindhuja Microcredit established in 2018 by co-founders Abhishek Kumar and Malkit Singh Didyala aims to support rural people from backward regions of India specifically skilled women entrepreneurs who lack capital by providing microfinance services and also to empower the underserved farming community of India. It also provides loans to shopkeepers and traders for their business expansion.
This collaborative funding initiative will focus on promoting and advancing the financial services easily available for MSME entrepreneurs and women who are financially weak. It will use technology-driven solutions and promoters for the companies.
According to an official release, the six-year-old microfinance company plans to expand its business into various regions of the Indian economy. So far, it has provided money to 4 lakh independent women entrepreneurs in 9 states throughout north, west, and east India. The co-founder of GAWA, Agustin Victoria stated that this partnership will assist the rural communities financially and focus on supporting the women lenders to align with their mission to empower marginalized communities.
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