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Suryoday Micro Finance Pvt Ltd has raised around Rs 27 crore from International Financial Corporation (IFC) and its existing investors Aavishkaar Goodwell and Lok Capital. Intellecap Investment Banking Practice acted as the sole advisor for Suryoday in this transaction.
Suryoday, a registered non-banking finance company, is engaged in providing loans to women from economically weaker sections, below poverty line and the marginal poor, who do not have access to traditional banking, with an objective to reduce poverty in its area of operation.
With over 70 branches, Suryoday manages a portfolio of Rs 330 crore of about 250,000 customers across Maharashtra, Tamil Nadu, Gujarat, Orissa, Karnataka and Rajasthan. HDFC Group is also an investor in the company along with a group of HNIs.
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