JOIN USUtkarsh Micro Finance on Monday announced the closure of its new round of infusion of Rs 20 crore subscribed by its existing investors Aavishkaar Goodwell, International Finance Corporation and Norwegian Microfinance Initiative.
Utkarsh, a registered Non-Banking Finance Company (NBFC), currently operates in 24 districts of Uttar Pradesh, Bihar, Madhya Pradesh, Uttarkhand and Delhi. It has 102 branches, over 1,97,500 active clients and loan portfolio of Rs 178 crore.
“Net worth of the company stands at Rs 65 crore post equity infusion,” it said. Utkarsh will use the capital infusion to strengthen its presence in Uttar Pradesh, Bihar, Uttarakhand and Madhya Pradesh. The capital will enable the company to invest in strategic initiatives.
“The investment of Rs 20 crore is going to boost our growth plans. It has come at the appropriate time when we see lot of positive development in the sector, with more regulatory clarity and better availability of debt funding from the banks and FIs. We do see that this investment will facilitate further penetration of microfinance in the most underpenetrated geographies of the country “ Utkarsh MD and CEO Govind Singh said.