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April 01, 2013

Deal Alert: IFC to invest in Suryoday Microfinance

IFC is to invest in Chennai-based microfinance firm Suryoday Microfinance Pvt. Ltd. via quasi-equity and senior debt. Suryoday has a borrower base of approximately 145,000 borrowers and a gross loan portfolio in excess of Rs.120 crore across five states. IFC’s proposed investment will help Suryoday expand its operations by strengthening its balance sheet, providing access to diversified funding sources and meeting its regulatory capital adequacy requirements for the next 2-3 years.

From the Venture Intelligence PE Deal database: Existing investors in Suryoday include Aavishkaar Goodwell, Lok Capital and MicroVentures, who have altogether invested about $10.5 M from May-09 to Jan-13.

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