Mumbai-based small finance lender Suryoday Small Finance Bank Ltd has raised $8.2 million in private equity funding from its existing investors.
The new round of funding led by Gaja Capital, Kotak Mahindra Life Company Ltd also saw the participation of Lok Capital, US-based pension fund Teachers Insurance and Annuity Association of America (TIAA), and LN Bangur Group company Kiran Vyapar Ltd.
In a statement issued, R Baskar Babu, CEO and MD of Suryoday Small Finance Bank said, “This growth capital comes in just as we started re-engineering our business processes and digitizing them, including our microfinance vertical, so this is a strong backing to pursue our plans.”
The Suryoday has 20 institutional investors including Sarva Capital, TVS Capital, DEG, responsAbility Investments, HDFC Group, and others.
The bank has a net worth of around Rs 1,000 crore with a capital adequacy ratio of 30 percent and has a deposit base of more than Rs 2,800 crore with a gross loan portfolio of around Rs 3,700 crore.