Arohan announced Rs 155 crore capital infusion from Denmark's Maj Invest and existing investors

KOLKATA: Arohan Financial Services, part of the Aavishkaar-Intellecap Group, said it has raised Rs 156 crore to fund expansion plans.

Denmark-headquartered asset management company Maj Invest has invested Rs 97 crore in the microfinance company while existing investors including Tano Capital and promoter group company Aavishkaar Venture Management Services have contributed a total of Rs 58.5 crore in the rights issue of shares.

The fund raising exercise took place a couple of months back but the company formally announced it Thursday.

In an interaction with ET last month, Managing Director Manoj Nambiar had said the company was planning to start operation Uttar Pradesh and Madhya Pradesh -- India’s two large economically backwards states.

Arohan's loan portfolio was at Rs 1,031 crore as on April 30 provided through 271 branches operating in seven low-income states -- Assam, Bihar, Chattisgarh, Jharkhand, Meghalaya, Odisha and West Bengal. Its customer base touched 7.39 lakh.