Press Release

New generation microfinance company Sindhuja Microcredit raises Rs. 120 crore in Series C Funding round from GAWA Capital and Oikocredit

To deploy the fund to expand the business in its existing geography and foray into new geographies as well as new product lines


Sindhuja Microcredit, a new generation digital and rural-focused microfinance institution (MFI) providing financial services to self-employed women entrepreneurs, has raised $14.5 million (Rs. 120 crore) in a Series C funding round from GAWA Capital (through its vehicle Huruma Fund) and Oikocredit. The company will deploy the funds to expand the business in its existing geography and foray into new geographies as well as new product lines.


Commenting on the funding round, Abhisheka Kumar, Managing Director and Malkit Singh Didyala Chief Executive Officer, Sindhuja Microcredit said, “GAWA Capital and Oikocredit are well-known international impact investors and it is a matter of pride for us to have their backing. We are also humbled by the continued confidence shown by Carpediem Capital and Abler Nordic, our existing investors who participated in our pre-Series-C round. The funding further strengthens our commitment to make financial service easily available to the financially excluded and MSME entrepreneurs through technology-driven solutions.”


Commenting on their investment, Agustín Vitórica, Co-Founder, GAWA Capital said, “We’re thrilled to join forces with Sindhuja Microcredit and look forward to supporting their growth and expansion into new areas and products. Sindhuja is focused on supporting people from rural areas and women borrowers, and our collaboration aims to empower India’s underserved farming community. We’re confident that the company is poised to meet this challenge by providing products and services of value to this segment.”


Abhinav Natani, Equity Analyst, Oikocredit added, “At Oikocredit, we firmly believe that financial inclusion is a catalyst for driving both social and economic development. Our decision to invest in Sindhuja Microcredit, which is dedicated to serving underserved states in India, underscores our commitment to provide access to finance for low-income segments of society. We are thrilled to deepen our partnership with Sindhuja and to work together to elevate financial inclusion to new heights.”


Unitus Capital acted as the Exclusive Financial Advisor for the transaction. Vertices Partners acted as the Legal Counsel for Sindhuja Microcredit.


In reference to the partnership with Sindhuja, Amit Agarwal, Managing Director, Unitus Capital, “We take pride in our association with Sindhuja Microcredit, led by seasoned founders Abhisheka and Malkit. Sindhuja Microcredit sets itself apart as an innovative MFI, leveraging its tech-centric approach in deep rural geographies. With this fresh infusion of capital, it is well-positioned for the next phase of growth.”


Earlier, Sindhuja raised Series A funding from Carpediem Capital, which came in as the first institutional investor backing the company at an early stage while India’s financial sector was in the middle of the IL&FS (Infrastructure Leasing & Financial Services) crisis. The company raised Series B funding during the first phase of the COVID-19 pandemic and pre-series C recently. Both rounds were led by Abler Nordic, with participation from Carpediem Capital.


Sindhuja, in its six years of operation, has so far provided micro-loans to over 400,000 self-employed women micro-entrepreneurs across nine states in northern, eastern and western parts of India. The company currently operates 235 branches with over Rs. 10 billion in Assets under Management (AUM). Serving ‘base of the pyramid’ clients, a majority of Sindhuja’s branches are located in rural and remote rural regions.


About Sindhuja Microcredit


Sindhuja Microcredit is a NBFC-MFI registered with the Reserve Bank of India and is headquartered in Noida. Sindhuja is promoted by Abhisheka Kumar and Malkit Singh Didyala.Focusing on meeting the financial and non-financial needs of the rural and semi-urban population, it provides microfinance to skilled women entrepreneurs who lack capital. Sindhuja also provides business loans to traders, shopkeepers and farmers for working capital needs or for expanding their businesses.


About Huruma Fund


Huruma Fund is the first project led by COFIDES within the framework of the European Union’s agricultural blending facilities. Managed by GAWA Capital, it has EUR 120 million provided by the EU (as catalytic investor), FONPRODE (an instrument of the Spanish Agency for International Development Cooperation –AECID), COFIDES and private investors, thanks to the collaboration of CaixaBank Banca Privada, which has distributed the fund through its national network. Its aim is to facilitate access to credit for farmers in underserved rural areas in Latin America, the Caribbean, sub-Saharan Africa and Asia. It has a Technical Assistance Facility (TAF) funded by the EU to provide consultancy and training services in agriculture-related matters and to contribute to the improvement of the entities in which the fund invests so that they can expand their impact on the excluded rural population.


About GAWA Capital


Founded in 2009, GAWA Capital is the leading impact investing advisory firm in Spain. It seeks to improve the lives of low-income communities by promoting investment in social enterprises, whilst also providing a financial return to investors. To date, GAWA has managed and advised over EUR 204 million, with investments in 16 countries.


About Oikocredit


Oikocredit is a social impact investor and worldwide cooperative. It has nearly five decades of experience in funding organisations active in financial inclusion, agriculture and renewable energy. Oikocredit’s loans, equity investments and capacity building aim to enable people on low incomes in Africa, Asia and Latin America to improve their living standards sustainably. Oikocredit finances more than 500 partners, with total outstanding capital of over € 1,037 million (as at 30September 2023). For more information,