SKS Microfinance raises $37.3 Mn in Series C

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Hyderabad-based microfinance institution, SKS Microfinance has raised $37.3 million in its Series C funding. Apart from the existing investors, Sequoia Capital, Vinod Khosla and Odyssey Capital, two new investors, the U.S. based Silicon Valley Bank and Columbia Pacific, participated in the venture funding. The funds will be used to finance the company's expansion plans in 2008, reported The Economic Times. SKS had raised $11.5 million from Sequoia Capital India in the early 2007 and prior to that about $2.5 million from Vinod Khosla, SIDBI and others. 2007 had been a fund raising year for the Indian microfinance sector. Another Hyderabad based MFI Share Microfin had raised $27 million investment from Dubai?s Legatum Capital and Aavishkaar Goodwell. Among the MFI funders, Aavishkaar Goodwell had raised an undisclosed amount from International Finance Corp (IFC), the Netherlands Development Finance Company (FMO), and Deutsche Bank, while Lok Capital has received a funding of $2.5 million from Boston based Accion International, a leading global microfinance institution.