Participated · Equity · Jun 2014

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.

Participated · Equity · Apr 2013

Utkarsh Micro Finance is a Varanasi-based microlender offering microfinance products to low-income customers. The company is pursuing a transition to a small finance bank and plans to convert its operating company into a holding company that will house Utkarsh Small Finance Bank. Management has said the holding company structure will run the banking operation and the firm is awaiting Reserve Bank of India approval for the change. The recent capital raise is intended to reduce foreign shareholding to meet RBI norms for small finance banks. Earlier investors include International Finance Corporation and Aavishkaar Goodwell India Microfinance Development Co. Ltd., which backed the microlender in 2009. The company has also been reported to seek domestic investment at a valuation of around Rs 1,000 crore in prior coverage. Utkarsh Micro Finance provides microfinance products to underserved populations in northern and central India, focusing on credit, microenterprise loans and micro pension products. Its customer base is predominantly women and it offers joint liability group loans designed for lower-income women. The company has expanded product offerings to include pension and micro-enterprise lending and operates alongside a non-profit arm, Samutkarsh Welfare Society, which provides vocational and financial awareness training, market linkages, and health and green energy initiatives. Utkarsh aims to diversify its portfolio of services and products and to grow in existing geographies while expanding into others. As of November 2014 the company operated 213 branches, had an active customer base of over 4.8 lakh and a loan portfolio of Rs 552 crore. Prior funding supported product diversification and strengthened presence in Uttar Pradesh, Bihar, Uttarakhand and Madhya Pradesh. Utkarsh Micro Finance Pvt Ltd is a Varanasi-based microfinance institution. The company secured an equity infusion to support geographic expansion. It raised Rs 20 crore ($3.64 million) from existing investors Aavishkaar Goodwell, International Finance Corporation (IFC) and Norwegian Microfinance Initiative (NMI) in its third round of equity infusion. The MFI said it will use the funding to strengthen its presence in Uttar Pradesh, Bihar, Uttarakhand and Madhya ...... The article also reports that the company's promoters will put in additional capital.

Participated · Equity · May 2010

Belstar Investment and Finance is a non-bank financial company (microfinance institution) operating principally in the Southern Indian states of Tamil Nadu and Pondicherry. It is affiliated with Hand‑in‑Hand, an NGO focused on livelihood promotion, which is converting its microfinance activities from NGO to for‑profit and transferring its microfinance clients and infrastructure to Belstar. The company focuses on providing loans to low-income households that are unable to access services from commercial banks. Belstar received an approximately US$900,000 investment from the Norwegian Microfinance Initiative (NMI) Frontier Fund. Other investors named in the article include the International Finance Corporation (IFC), Swedfund and Aavishkaar Goodwell. As part of the transaction, NMI will have a seat on Belstar’s board.