Suryoday Small Finance Bank Ltd is a Mumbai-based small finance bank. The bank has raised Rs 62 crore (about $8 million) in equity funding from its existing investors. The capital was raised to build a cushion in the wake of the coronavirus pandemic. The report cites two people privy to the transaction but does not disclose investor names. No additional financial metrics or deal terms were provided in the premium article excerpt. Suryoday Small Finance Bank Ltd is a Mumbai-based small finance bank. On April 5, 2019, the bank raised Rs 248 crore (about $35.8 million) from three promoters along with a mix of existing and two new investors. Named participants included DEG, IFC, Gaja Capital Fund II Limited and Gaja Trustee Company Private Ltd, TVS Shriram Growth Fund, and Kotak Mahindra Life Insurance. The coverage notes the report is based on a firm's press release and may be only partially complete. Multiple law firms advised on the transaction, including J Sagar Associates for Suryoday, Trilegal for DEG and IFC, DSK Legal for Gaja Capital, K Law for TVS Shriram, and Kotak Mahindra Life Insurance's in-house team. Suryoday Small Finance Bank Limited (SSFB) is a small finance bank. It raised Rs 160 crore in the last week from a mix of existing and new investors, including TVS Capital. Of the total, Rs 100 crore was raised through a rights issue. Existing investors that participated include Sarva Capital, HDFC, IFC, IDFC Bank and others. Management said the funds will support investment in technology and expansion of the bank's network. SSFB plans to list the bank within the next three years. R Baskar Babu is the managing director and chief executive officer. Suryoday Micro Finance is a registered non-banking finance company (NBFC) that provides loans to women from economically weaker sections, below poverty line and marginal poor who lack access to traditional banking. Its stated objective is to reduce poverty in its areas of operation. It currently has close to 70 operational branches and a portfolio of Rs 330 crore with over 250,000 customers. The company operates across Maharashtra, Tamil Nadu, Gujarat, Orissa, Karnataka and Rajasthan. HDFC Group and a group of high-net-worth individuals are also investors in the company. Intellecap Investment Banking practice has acted as an advisor to Suryoday. Suryoday Microfinance Pvt Ltd is a Pune-based microfinance institution that began micro-credit operations in Pune. It provides small loans aimed at economically challenged women and focuses on creating positive economic and social impact in customers' households. The company is led by three ex-bankers — Baskar Babu, Ganesh Rao and V. L. Ramakrishnan — who together have about five decades of experience at institutions such as HDFC Bank, GE Finance, Cholamandalam-DBS and Development Credit Bank. Financially, Suryoday closed an INR175m Series B equity financing and received an additional INR35m infusion from Lok, bringing the total raised to INR210m; previously, Aavishkaar Goodwell invested INR60m in the company's March 2009 Series A. The company intends to expand into neighboring states in the medium term and grow its financial services offering for low-income women.

Total raised

$100M

Funding rounds

6

Latest round

Equity

Latest activity

May 2020