India’s 4th largest NBFC MFI and a subsidiary of Manappuram Finance Ltd., Asirvad Microfinance Ltd. has raised US$ 15 million (Rs.111.15 crore) from WorldBusiness Capital, Inc. based in Hartford, Connecticut (USA).
WorldBusiness Capital’s loan is supported by the United States International Development Finance Corporation (DFC), the U.S. Government’s developing finance institution. The WBC loan will be Asirvad’s 3rd long-term facility denominated in foreign currency from an international financial institution.
Raja Vaidyanathan, Managing Director of Asirvad Microfinance Ltd. said, “This transaction with an international institution coming at this challenging juncture certainly gives a boost to the microfinance sector and reiterates the resilience Asirvad has always shown, and the speed at which it bounces back.”
Yogesh Udhoji, CFO, Asirvad Microfinance Ltd said, “With this funding, we look forward to helping rural women with economic opportunities to transform the quality of their lives.”
Rob Monyak, WBC’s Executive Vice President and Chief Lending Officer for Eurasia/Africa Lending, said, “We are excited to have the opportunity to support this dynamic financial institution that has constructed a viable business model to meet the needs of woman-owned enterprises operating in rural areas. Asirvad plays a vital role in providing this underbanked segment of the market with access to the financing they need to establish and grow their businesses.