Founded with a vision to empower self-employed women entrepreneurs in rural India, Sindhuja Microcredit has emerged as a pivotal player in the microfinance sector. Established by Abhisheka Kumar and Malkit Singh Didyala, the institution began its journey with a mission to provide financial services to underserved communities, focusing on rural and semi-urban regions.
In its latest milestone, Sindhuja Microcredit successfully raised Rs. 120 crore ($14.5 million) in a Series C funding round led by impact investors GAWA Capital and Oikocredit. This funding will fuel the company’s expansion efforts across existing and new geographies, as well as support the launch of innovative product lines tailored to meet the diverse needs of its clientele.
Reflecting on the journey, Abhisheka Kumar, Managing Director, and Malkit Singh Didyala, CEO, expressed gratitude towards their investors, highlighting the pivotal role of early backers like Carpediem Capital and Abler Nordic. These investments were instrumental during critical phases, including the IL&FS crisis and the challenges posed by the COVID-19 pandemic, underscoring Sindhuja’s resilience and commitment to financial inclusion.
Agustín Vitórica, Co-Founder of GAWA Capital, emphasized the strategic alignment with Sindhuja’s mission to support rural communities and women borrowers, aiming to empower India’s farming community through impactful financial solutions. Similarly, Abhinav Natani from Oikocredit reiterated their belief in Sindhuja’s role in driving social and economic development by providing access to finance to low-income segments.
Unitus Capital played a crucial role as the Exclusive Financial Advisor for the transaction, further validating Sindhuja’s growth trajectory and market position. With over 235 branches and assets under management exceeding Rs. 10 billion, Sindhuja has extended micro-loans to over 400,000 micro-entrepreneurs across nine states in India’s northern, eastern, and western regions.
Looking ahead, Sindhuja Microcredit remains committed to leveraging its tech-centric approach to expand its footprint and enhance service delivery in remote rural areas. The company’s focus on financial and non-financial support for its clients underscores its dedication to fostering sustainable livelihoods and economic empowerment at the grassroots level.