Chennai-based Suryoday Microfinance has raised Rs.20 crore led by existing investors Aavishkaar Goodwell and Lok Capital. It will use the capital infusion to strengthen its presence in Maharashtra, Tamil Nadu, Gujarat and Orissa, as well as to expand into neighboring states.
Set up by a team of three ex-bankers – R Baskar Babu, VL Ramakrishnan and Ganesh Rao – Suryoday has a portfolio of Rs.115 crore. Since its inception in 2009, the company has built a customer base of 145,000, and targets to cater to one million households by 2014. Aavishkaar Goodwell was the first round investor followed by Lok Capital in 2010. Most recently, Suryoday raised equity capital from the HDFC Group.
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