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Svasti Microfinance raised 
4.5 Crore
By siliconindia
Mumbai: Svasti Microfinance, a Mumbai-based microfinance company, succeeded in raiseing 
4.5 crore in its second round of funding from Switzerland-based BlueOrhcard Private Equity Fund. The investment has been made by a Mauritius based wing of BlueOrchard.
The fund was raised with the exclusive advice of Grameen Capital India, which will be used by Svasti to expand its branch operations and to develop innovative loan products to service the entrepreneurial low-income population in Mumbai.
P. Arunkumar and B. Narayanan founded Svasti in October 2008 as Section 25 Company, with support from the Michael and Susan Dell Foundation and Kotak Mahindra Investments (a subsidiary of Kotak Mahindra Bank). The company converted into a non-banking finance company in September 2010, when it raised its first round of funding of 5.45 crore from several investors including a few members of the Mumbai Angels. With a loan portfolio of around 5.39 crore, currently it operates in Mumbai and suburb, and has 8,500 clients through a network of six branches and plans to open additional 20 branches in Mumbai over next 15 months.
It is the second direct participation of BlueOrchard in the Indian microfinance sector.
4.5 crore in its second round of funding from Switzerland-based BlueOrhcard Private Equity Fund. The investment has been made by a Mauritius based wing of BlueOrchard.
The fund was raised with the exclusive advice of Grameen Capital India, which will be used by Svasti to expand its branch operations and to develop innovative loan products to service the entrepreneurial low-income population in Mumbai.
P. Arunkumar and B. Narayanan founded Svasti in October 2008 as Section 25 Company, with support from the Michael and Susan Dell Foundation and Kotak Mahindra Investments (a subsidiary of Kotak Mahindra Bank). The company converted into a non-banking finance company in September 2010, when it raised its first round of funding of 5.45 crore from several investors including a few members of the Mumbai Angels. With a loan portfolio of around 5.39 crore, currently it operates in Mumbai and suburb, and has 8,500 clients through a network of six branches and plans to open additional 20 branches in Mumbai over next 15 months.
It is the second direct participation of BlueOrchard in the Indian microfinance sector.
