Abler Nordic leads $5 million infusion in Sindhuja Microcredit

Kolkata: , a Noida-based mid-sized lender, has raised $5 million by selling fresh shares to existing overseas investors , and Oikocredit.

The translates into Rs 47 crore in rupee terms.

Abler Nordic, which owns a quarter in Sindhuja invested Rs 28 crore, while Gawa Capital and OIko put in Rs 14 crore and Rs 5 crore respectively, people aware said. Gawa made the investment through its vehicle Huruma Fund.

The fund raised will be used to strengthen the company’s capital base and support business expansion.

Incidentally, the share price for the capital infusion has not finalised yet due to stress in the microfinance sector. That’s why the post infusion shareholding is not determined yet.

“The price is tied to the next round of fund raise (series D). The participating investors will get a discount on the series D round pricing,” Sindhuja co-founder and managing director Abhisheka Kumar told ET.

Before the infusion, Abler held 25.3% in the microfinance company while Gawa had 13.5% and Oiko had 9.7%.

Sindhuja’s gross loan portfolio stood at Rs 1080 crore at the end of March, as compared with Rs 952 crore a year prior.