Light Microfinance raises Rs 196 Cr in Series B round of funding

• ByStartupStory     |    September 23, 2022

An Ahmedabad-based microfinance company, Light Microfinance, has raised Rs 196 crore in a Series B fundraising round that was spearheaded by British International Investment, a development finance and impact investor from the UK. Nordic Microfinance Initiative, Triple Jump BV, and Incofin IM, the company’s three previous investors, also took part in this round.

According to the official statement, the capital will be used to extend the company’s product offerings through geographical development into new states as well as ongoing investments in technology and digital activities.

Light Microfinance, which was established in 2009 by Deepak Amin (MD), Rakesh Kumar (CEO), and Aviral Saini (CFO), has branches across Gujarat, Rajasthan, Madhya Pradesh, and Haryana.

Light Microfinance has made large efforts in developing its own analytics platform, which has begun to pay off for the business. The company’s assets under management (AUM) have increased to more than Rs 1300 crore. Over three lakh customers are served by it, who are dispersed among 68 districts and four states. Just over a year after the company’s earlier Series A funding, in which it had raised Rs 75 crore, it has concluded the Series B funding.

Manav Bansal, Managing Director and Head of India, British International Investment, said, “Our partnership with Light will ensure customers can access financial products that support income-generating activities and increase productivity while improving financial security and promoting sustainable economic growth within communities and across the country.” He said that the business had already developed a multi-year roadmap and intended to keep aggressively investing in both new products and its cutting-edge technological platform. “The company is in a very fortunate position, especially at a time when many companies are suffering significant headwinds, especially those without a strong balance sheet,” according to the new RBI guidelines for fintech.

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