Light Microfinance protects $10 million from three European effect financiers

Light Microfinance’s President Rakesh Kumar stated the financial investment will improve the lending institution’s growth strategies in Haryana, Rajasthan and Madhya Pradesh.

PTI

July 19, 2021 / 03:37 PM IST

Representative Image

Agent image Micro lending institution Light Microfinance Monday stated it has actually protected $10 million (Rs 72.86 crore) in series-A funding from European effect investors Incofin (Belgian), Nordic Microfinance Effort (Norwegian) and Triple Dive B V (Dutch).

The three funds follow an investment strategy intended at creating social or ecological effects in addition to monetary gains, a release said.Light Microfinance’s President Rakesh Kumar said the investment will enhance the lender’s growth plans in Haryana, Rajasthan and Madhya Pradesh.”We are likewise purchasing numerous technology interventions like an AI-driven analytics platform and mobile applications to improve sourcing, credit underwriting and collection capabilities through individualized mobile training modules and efficiency trackers, “he said.In FY21, the Ahmedabad-based MFI reported a portfolio development of 30 per cent to Rs 623

crore.Its Chief Financial Officer Aviral Saini said the financial investment will strengthen the loan provider’s balance sheet and will make it possible for more growth of loan book to over Rs 1,000 crore.The lender started its operations in 2009 and was catering to 2.17 lakh borrowers by March 2021, the release stated.