Sugmya Finance, an NBFC catering to women-led communities in rural and semi-urban India, has raised Rs 100 crore in debt funding from an undisclosed set of investors.
Founded in 2019, Sugmya Finance is a technology-based, 100% Cashless NBFC licensed by RBI working towards women’s empowerment under the digital India mission.
Sugmya Finance | Creating Financial Opportunites For Everyone
It offers MSME loans, micro-loans and consumer durable loans to entrepreneurs and has a branch network of 80 branches in over 40 districts with 10,000 villages in nine states.
Speaking about the development, Vikas Singh, Director of Sugmya Finance, said,
“We are excited about reaching the milestone of 100, both in terms of raising debt fund, as well as branch expansion. Delivering value to our customers through consistent and long-term performance-oriented products has always been a primary focus for us.”
It is focused on creating a diverse range of tech operations under the ‘Digital India’ initiative, a flagship programme of the Government of India.
Working to serve as the financial partner to women entrepreneurs from Semi-urban & Rural locations in India, the firm offers 3 major financial services to help customers grow their ventures: MSME loans, micro-loans (IGL & BL) and consumer durable loans.
So far, the firm has empowered more than 60,000 households through its network presence in 40 districts across 9 states.
Vikas Singh added,
“Our zero percent default rate, strong investor relations, and partnership with such reputed lenders will enable us to provide innovative customer service. We look forward to capitalizing on new opportunities in the fintech sector and achieving sustained growth with sufficient funding and support.”
As per the firm, it has assets under management (AUM) worth Rs 160 crore and has disbursed over Rs 275 crore in 2022. It also announced the opening of its 100th branch in Mathura, Uttar Pradesh.
Recently, the NBFC also announced the onboarding of 26 new lender partners and its association with leading NBFCs, such as Ananya Finance, Vivriti Capital, MAS Financials, and Real Touch Finance, to name a few.
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