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April 08, 2013

Deal Alert: Utkarsh Micro Finance raises Rs.20-Cr from existing investors

Varanasi-based microfinance institution Utkarsh Micro Finance has closed a Rs.20 crore round of equity financing led by existing investors Aavishkaar Goodwell, IFC and Norwegian Microfinance Initiative (NMI). The NBFC will use the proceeds to build up its presence in UP, Bihar, Uttarakhand and Madhya Pradesh, as well as invest in strategic initiatives. 

Started by former ICICI Microbanking head Govind Singh, Utkarsh currently operates in 24 districts of Uttar Pradesh, Bihar, Madhya Pradesh, Uttarkhand and Delhi. It has 102 branches, serving almost 2 lakh customers and a loan portfolio of Rs.178 crore. 

From the Venture Intelligence PE Deal database: Utkarsh had raised Rs.4-Cr from Aavishkaar Goodwell and IFC in Nov-09 for a 42.56% stake. In Jun-11, it raised Rs.25-Cr from Aavishkaar, IFC and NMI for a 43.42% stake.

Source: Economic Times

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