Suryoday Small Finance Bank Ltd has successfully raised Rs 62.14 crore (approximately $8.2 million at current exchange rates) in funding from its existing investors.
In its official statement, Suryoday said that it has secured capital from Gaja Capital, Kotak Mahindra Life Company Ltd, Lok Capital, Teachers Insurance and Annuity Association of America (TIAA), and LN Bangur Group company Kiran Vyapar Ltd.
“This growth capital comes in just as we started re-engineering our business processes and digitising them including for our microfinance vertical,” said R Baskar Babu, Managing Director and CEO, Suryoday.
Mumbai-Headquartered Small Finance Bank Suryoday has 20 institutional investors, such as Sarva Capital, TVS Capital, German development finance institution DEG, Swiss investor responsAbility Investments and HDFC Group.
Suryoday claims that it has a strong and firm position in market both from assets and liabilities perspective, with a deposit base of more than Rs 2,800 crore and a gross loan book of more than Rs 3,700 crore. It began its operations in 2017