Sindhuja Microcredit, a New-Delhi based rural focused micro finance institution is said to be receiving Rs 67.5 crore from Norway-based Nordiac Microfinance Initiative (NMI) and Carpediem Capital. The startup provides capital to self-employed women entrepreneurs from rural areas. The investors will hold minority shares in the company. Carpediem has already invested $4 million in Sindhuja in Series A funding round.
The startup was rolled out two years back and has facilitated microloans for over 84,000 self-employed women entrepreneurs. Sindhuja operates in across 56 branches spread across 5 states in North-India. The funding will be utilized to help the women entrepreneurs in the Covid-19 situation as their businesses have been directly affected.
The exclusive Financial Advisor role was played by Vidura Capital and Vertices Partners acted as the Legal Counsel for the company while Antares Legal acted as the Legal Counsel for the investing firms. NMI believes in upliftment of rural households and they are willing to support all the endeavors working on this mission, said Arthur Sletteberg, MD NMI in a statement.