Suryoday Small Finance Bank (SSFB), a Mumbai-based Non-Banking Finance Company, announced that it has closed an equity funding worth Rs 62.14 crore from existing investors including Gaja Capital, Kotak Life, Lok Capital, TIAA, and Kiran Vyapar.
The company will use the current financing to boost expansion. It has plans to expand to 100 branches within the next one month. Till now, SSFB has opened around 400 accounts and the target is to do a full fledged launch from two branches — one in Tamil Nadu and another in Odisha.
R Baskar Babu, MD and CEO of Suryoday Small Finance Bank, said, “This growth capital comes in just as we started re-engineering our business processes and digitising them, including for our microfinance vertical, so this is strong backing to pursue our plans”
The bank has over 20 institutional investors with a healthy mix of institutional investors, development funds and private equity investors.
SSFB is backed by marquee investors like IFC, IDFC Bank, TVS Capital, Shriram Growth Fund, HDFC Holdings, HDFC Life, Kotak Mahindra Life Insurance, and many more.
SSFB has launched a working capital loan product for its MFI customers to meet their urgent liquidity requirements during the lockdown. The minimum loan size is Rs 5,000. The customers can avail this product from their nearest SSFB branches.
Suryoday Micro Finance is a registered non-banking finance company that provides loans to women from economically weaker sections and unable to access traditional banking services. It offers products and value-added services to the economically challenged people by helping them generate higher incomes, build an asset base, and achieve a sustainably better standard of living.
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