Funding Alert

Asirvad Microfinance Raises Funding, $15M From WorldBusiness Capital Inc

• ByStartupStory     |    May 25, 2021

Asirvad Microfinance raises funding, $15M.  Asirvad Microfinance, a subsidiary of Manappuram Finance said it had raised around Rs 110 crore in a seven-year external commercial borrowing loan from the US-based WorldBusiness Capital Inc (WBC).

Asirvad Microfinance raises funding to expand its business of providing small loans to low-income women business owners in rural areas.

This transaction is a big boost to the microfinance sector and reiterates the resilience Asirvad has always shown, and the speed at which it bounces back, said Raja Vaidyanathan, Managing Director of Asirvad regarding Asirvad Microfinance raises funding.

Rob Monyak, Executive Vice-President and Chief Lending Officer for Eurasia/Africa at WBC, said Asirvad plays a vital role in meeting the needs of women-owned enterprises operating in rural areas.

The loan is supported by the US International Development Finance Corporation, Asirvad Microfinance said in a statement.

Raja Vaidyanathan, MD of Asirvad Microfinance, said regarding Asirvad Microfinance raises funding,

“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.”

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