Light Microfinance attracts $24.5m in funding led by UK impact investor BII
Micro-lender Light Microfinance has raised $24.5 million (around Rs 196 crore) from UK impact investor BII and existing capital partners to fund its expansion into the northern and eastern regions. east of the country.
This is the company’s Series B funding led by British International Investment (BII) and existing investors Nordic Microfinance Initiative (NMI), Triple Jump BV and Incofin IM.
BII, the UK government’s development finance institution focused on Asia, Africa and the Caribbean, invested $9.2 million while NMI invested $7.9 million, Triple Jump $5.4 million and Incofin 2 million USD.
Nordic Microfinance Initiative (NMI) is a Norwegian public-private partnership aimed at investing in social impact and sustainable finance in Asia and Africa. Triple Jump is a Dutch impact-focused investing entity.
Incofin is a consortium of development banks, insurance companies, pension funds, alternative investment funds, HNIs and leading retail investors that pools capital in emerging countries for a inclusive growth.
Light Microfinance, based in Ahmedabad, is present in Gujarat, Rajasthan, Madhya Pradesh and Haryana.
In Series A funding, it had raised Rs 75 crore about a year ago.
A technology-driven lending model, Light Microfinance plans to expand into new geographies such as Himachal Pradesh, Uttar Pradesh, Odisha and Jharkhand with this round of funding. It will also launch new products for micro, small and medium-sized enterprises (MSMEs).