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Suryoday Micro Finance raises `27 cr funding

LiveMint logoLiveMint 16-06-2014 Aparna Ghosh

Bangalore: Suryoday Micro Finance Pvt. Ltd has raised about `27 crore (about $4.5 million) from International Finance Corp. (IFC) and some existing investors, the company said on Monday.

IFC, the private sector lending arm of the World Bank in India, invested about `15 crore (about $2.5 million), while existing investors Lok Capital and Aavishkaar Goodwell invested about `6.2 crore (about $1 million) each in the Pune-based microlender.

The company has so far raised $20-25 million of funding over multiple rounds.

HDFC Group, including Housing Development Finance Corp (HDFC) Holdings and HDFC Life, along with a group of high net worth individuals are also investors in the company.

Suryoday is a registered non-banking finance company (NBFC) that provides loans to poor women, who do not have access to traditional banking. It was founded in 2008 by former bankers, R. Baskar Babu, V.L. Ramakrishnan and Ganesh Rao.

Suryoday, which has over 70 branches across the country, has a total portfolio of about `340 crore (around $55 million) and more than 250,000 customers.

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