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Mumbai-based micro-finance startup Suryoday Micro Finance has completed a $15m venture funding round. The round's four investors include Evolvence India Fund, Gaja Capital, Arpwood Investment Advisors and IDFC Bank.
Suryoday had received in-principle approval from Reserve Bank of India (RBI) to function as a small finance bank (SFB) in 2015. As a result of these transactions, Suryoday’s shareholding comprises 49-percent foreign investments, the maximum allowed by RBI for a SFB without additional approval [2]. Suryoday reported a gross loan portfolio of USD 160 million and 717,000 total customers as of July 2016. Apart from credit services, the institution conducts business skills training; financial literacy training meant to promote savings; and health check camps including eye, dental and mammogram services
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