New Delhi-based Swarna Pragati Housing Microfinance has received primary infusion equity of INR 210 million led by Aavishkaar Goodwell, a financial inclusion fund. Existing investor Asia Pragati, a NBFC backed by PAG (Pacific Alliance Group), which holds majority stake in Swarna Pragati, has also participated in this round.
Set up and promoted by bankers led by A. Ramesh Kumar, former CGM, State Bank of India, Swarna Pragati Housing Microfinance has a portfolio of INR 18.5 crore. Operational since 2011, the company has built a customer base of over 3,000 borrowers, and targets to cater to one lakh households by 2018.
Source: Press Release
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