A Non-Banking Financial Company, Sindhuja Microcredit, raised $4Million. The funding came from the private equity firm, Carpediem Capital. The startup focuses on rural region women entrepreneurs in India. It has over 23 operational branches with 29K active members.
Ahmedabad: In this developing state of the nation, to empower women is a must. And with all this, providing financial services to bottom-of-the-pyramid households in the rural region is a huge step towards it. This is what Sindhuja Microcredit does.
Private equity fund, Carpediem Capital, invested $4 million in the startup. This funding came in the Series A round.
With an experience of 10+ years in the industry, Abhisheka Kumar and Malkit Didyala founded the startup in 2018. The company was launched with the aim to provide financial services to the financially excluded households. This would come through efficient, customer friendly and technology-driven solutions.
Sindhuja’s future plans
With this funding, the company wants to expand its workstations and explore new places, along with technological advancement.
The start-up focuses on rural region women entrepreneurs in India and currently, has 23 operational branches with over 28,977 active customers. Almost 90% of its branches are in rural areas in states like Bihar, Uttar Pradesh, and Jharkhand.
We see a clear growth trajectory for Sindhuja, given the attractive demographics of the rural markets. Furthermore, the impact that Sindhuja is creating with women empowerment and financial inclusion is extraordinary. We see value in creating this platform
– Abhisheka Kumar
Vidura Capital was the financial advisor to Sindhuja on the fundraising. Vertices Partners and Antares Legal were the legal advisers for the same.
Sindhuja has put in place a high-quality professional management team to build a large scale organisation. The company has laid extensive emphasis on technology to enhance the customer experience and reduce operational costs.
The company is pioneering cashless payment and collection and aims to become 100% cashless in the next one year.