Spandana Sphoorty raises $270mn in funding - Startup news, funding, investment, entrepreneurs, earn money, technology etc

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Tuesday, April 4, 2017

Spandana Sphoorty raises $270mn in funding

Andhra Pradesh based micro finance institution Spandana Sphoorty has raised $270mn in funding from various investors. It raised over $100mn from Kedaara Capital and $170 million of debt capital from IndusInd Bank, Yes Bank and ICICI Bank.

Also read: Ola got $100 mn funding from various investors

Spandana now operates in 13 states across India, with almost 540 branches in various rural and semi-urban areas, and has over 2 million borrowers with a portfolio outstanding of Rs 1,325 crores.

The company also leverages its vast distribution network in rural and semi-urban areas to improve its clients' quality of living by offering other products such as solar lanterns, mobile handsets, consumer durables, etc.

Spandana Sphoorty co-founder and Managing Director Padmaja Reddy said, This is an amazing turn-around, and we are excited to have Kedaara Capital as our partner in our next phase of growth. This equity infusion from the Kedaara led consortium, along with new debt support from the banks, has helped us to clear all of our debt repayments, exit CDR, and position us to once again become one of the leading MFIs in India.

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