Svasti Microfin gets Rs 34 crore

PUNE: Svasti Microfinance said it has raised Rs 34 crore from investors including Nordic Microfinance Initiative (NMI) and Serum Institute of India CEO Adar Poonawalla.

The Mumbai-headquartered company plans to use the funds to expand its branch network and MSME (micro, small and medium enterprises) portfolio. It also plans to provide additional financial services such as consumer finance and insurance in partnership with other institutions.

Set up in 2010, the company has a loan portfolio of Rs 255 crore and services 1,41,000 customers in four states through 38 branches. “Over the next couple of years, Svasti will be a diversified financial services provider to the millions of uncounted low and middle-income households across India and be known for our deep relationships with our customers,” said Arunkumar Padmanabhan, cofounder, Svasti Microfinance.