Aavishkaar Goodwell, a specialized equity fund dedicated to supporting Indian MFIs, has recently made an equity investment commitment of Rs. 45 million to Suryoday Microfinance (SMF).
Suryoday Micro Finance Pvt Ltd (SMF) is a new age professional MFI that commenced its micro‐credit operations in Pune, Maharashtra in May’09, shortly after receiving its NBFC license from Reserve Bank of India. It is engaged in providing loans to women from Economically Weaker Sections, Below Poverty Line and the marginal poor who do not have access to traditional banking, with an objective to reduce poverty in its area of operation. Starting from Maharashtra, the MFI aspires to spread out to other states in the medium term. It is led by a dynamic team of three ex‐bankers – Baskar Babu, Ganesh Rao and V. L. Ramakrishnan – driven by their vision of creating a world‐class Microfinance Institution. Suryoday is arguably the first MFI in India to secure equity funding from an institutional investor prior to commencement of operations. . The funding will be used towards early stage operational investments and capital adequacy requirements.
“Aavishkaar Goodwell is committed to supporting early stage Microfinance institutions through its strategic partnership with Intellecash” said Vineet Rai‐ Managing Partner, Aavishkaar Goodwell. “We are excited about our partnership with Suryoday on account of its excellent management team with a strong social consciousness, focus towards under‐served areas and their association with Intellecash” R Baskar Babu, Co‐Founder & CEO of Suryoday Microfinance ‐ “The support from Aavishkaar Goodwell has enabled us to get started on this venture. This partnership is helping us achieve our dream of creating a world class financial services company for the economically challenged women. We want to grow this venture with continuous focus on making a positive social impact.”