Manappuram Finance subsidiary Asirvad Microfin raises $15 million in ECB from WBC

Manappuram Finance took over the Chennai-based firm in February 2015, and at current has a 94.78% stake.

Asirvad Microfinance, a subsidiary of Manappuram Finance, has introduced the closing of a US$15 million (Rs 111.15 crore), seven-year business mortgage from US-based WorldBusiness Capital (WBC).

The mortgage availed underneath India’s ECB norms will allow Asirvad to broaden its enterprise of offering small loans to low-income girls enterprise house owners in rural areas to begin and broaden their companies, sources stated.

The WBC mortgage will probably be Asirvad’s third long-term facility denominated in overseas forex from a global monetary establishment. WBC’s mortgage is supported by the USA Worldwide Growth Finance Company (DFC), the US authorities’s growing finance establishment.

Raja Vaidyanathan, MD of Asirvad Microfinance, stated, “This transaction with a global establishment coming at this difficult juncture definitely provides a lift to the microfinance sector and reiterates the resilience Asirvad has at all times proven, and the velocity at which it bounces again.”

Manappuram Finance took over the Chennai-based firm in February 2015, and at current has a 94.78% stake.

In FY2021, the pandemic-induced slowdown impacted progress and there was a marginal erosion in property underneath administration (AUM) to Rs 5,357 crore as of Q3, FY 2021.

The corporate reported a internet revenue of Rs 17.7 crore in Q3FY21, in opposition to a internet revenue of Rs 71.21 crore within the year-ago interval.

Asirvad has greater than 1,047 branches in 24 states.