Fintech Firm Svasti Raises USD 10 mn
11th Nov, 2019: Svasti Microfinance has raised a funding of USD 10 million (about Rs 71 crore) for expansion of branch network and increasing MSME financing. Till date, Svasti has raised a total capital of USD 17 million.
The capital was raised from Adar Poonawalla, Nordic Microfinance Initiative (NMI) and Rajiv Dadlani Group, the Mumbai-based company said in a release.
"Apart from expanding its branch network, Svasti will use the capital raised to expand and increase its MSME loan portfolio and provide other financial services, such as consumer finance and insurance, in partnership with other leading institutions," the release said.
A portion of the funds raised in the current round is being used to provide full exits to Michael and Susan Dell Foundation and Bamboo Financial I...