Light Microfinance Raises Rs 196 Cr In Series B Round
Micro-finance institution Light Microfinance has raised Rs 196 crore in a Series B round of funding led by British International Investment, the UK’s development finance institution and impact investor.
Existing investors, Nordic Microfinance Initiative (NMI), Triple Jump BV and Incofin IM, also participated in the funding round.
As per Light Microfinance, the freshly raised funds will be utilized for geographical expansion into new states to diversify the company’s product lines and continued investments in technology and digital initiatives.
Light Microfinance | Empowering Small Households
Founded by Deepak Amin (MD), Rakesh Kumar (CEO), and Aviral Saini (CFO) in 2009, Light Microfinance provides financial products and services through gender and poverty-focused programs targeting poor women in rural and peri-urban areas.
It operates in Gujarat, Rajasthan, Haryana and Madhya Pradesh through its network of 125 branches and has catered to the needs of over 3 lakh women borrowers.
Speaking about the development, Deepak Amin, Light Microfinance’s founder and managing director, said,
“Our AI and ML-enabled products have already started providing us with real-time information and updates in various critical areas, including underwriting and cost reduction. The Series B investment will help Light rapidly expand its fintech offerings.”
Light Microfinance has doubled its assets under management (AUM) to over Rs 1300 crore and has a customer base of over three lakh, spread across 68 districts in four states. As per Deepak, the company has already chalked out a multi-year roadmap and plans to continue building heavily on its cutting-edge technology platform and new products.
He added that the new RBI guidelines for fintech have placed Light Microfinance in a very advantageous position, especially when many companies are facing strong headwinds, especially those without a strong balance sheet.
Commenting on the development, Manav Bansal, Managing Director and Head of India, British International Investment, said,
“Our partnership with Light will ensure customers can access financial products that support income-generating activities and increase productivity while improving financial security and promoting sustainable economic growth within communities and across the country.”