(1888PressRelease)
September 02, 2010 - Suryoday is a new-age, professional MFI that commenced its micro-credit operations in Pune, Maharashtra in May 2009.
Starting from its base in Maharashtra, it aspires to spread out to other neighboring states in the medium term. It is led by a dynamic team of three ex-bankers - Baskar Babu, Ganesh Rao and V. L. Ramakrishnan - with five decades of combined experience at institutions like HDFC Bank, GE Finance, Cholamandalam-DBS and Development Credit Bank - and driven by their vision of creating a socially-responsible, world-class microfinance institution. In a little over a year, Suryoday has reached out to over 50,000 borrowers across Maharashtra and Tamil Nadu with network of 25 branches and implemented several innovative business practices in order to build deeper client relationships.
On the Series B investment by Lok and Aavishkaar in Suryoday, R Baskar Babu, Co-Founder & CEO, said "We are pleased to partner with our existing investor Aavishkaar again and Lok Capital for the first time. These partnerships will help us achieve our dream of creating a world class financial services company for the economically challenged women. We want to grow this venture with continuous focus on making a very positive economic and social impact on our customers' households."
"As an early stage investor, Aavishkaar Goodwell has always prided itself in working with the dynamic leadership team at Suryoday. Our continued participation in the current round signifies our belief in this team ability to deliver exceptional social and financial outcomes to economically excluded disadvantaged communities in India" said Vineet Rai, Managing Partner, Aavishkaar Goodwell.
Venky Natarajan, Managing Director of Lok Capital added "Lok is very pleased to be a partner of Suryoday, one of the best managed MFIs in India, with a robust business model and unique innovations in audit and customer service, and looks forward to working with the company to achieve the next level of scale and impact."
For more details on Suryoday Microfinance, please log onto http://suryodaymf.com/
About Aavishkaar Goodwell
Aavishkaar Goodwell India Microfinance Development Company Ltd is a for-profit business development company that invests in entrepreneurial microfinance organizations in India on a socially and commercially sustainable basis. It does this by developing and scaling up entrepreneurial microfinance organizations and integrating them into the mainstream financial sector. The company aims to realize "benefits of scale"-a substantial social impact and an attractive financial return. Aavishkaar Goodwell is a joint initiative of the teams behind Aavishkaar India, the world's first for-profit microventure capital fund; and Goodwell, a Dutch microfinance investment company funded by social investors and pension funds.
For more information, please visit http://www.aavishkaargoodwell.com
Phone: +91 22 4200 5757
E-mail: info ( @ ) aavishkaar dot org
About Lok Capital
Lok Capital is an innovative platform delivering equity capital combined with technical and strategic support for Indian microfinance institutions (MFIs) and social enterprises serving the bottom of pyramid (BOP) segment. Lok's approach is to promote inclusive growth by investing venture equity in for-profit companies delivering microfinance and associated services to the BOP segment in a scalable, affordable and commercially viable manner and working in partnership with Indian social entrepreneurs to take their enterprises to new levels of sustainability, scalability and professionalisation. Lok consists of venture funds dedicated to making long-term equity investments in Indian MFIs and other social enterprises and a not-for-profit foundation which provides grants and people for capacity building in investees and to support pan-industry activities of the microfinance sector in India.
For more information, please visit www.lokcapital.com
Phone: +91 22 470 9700
E-mail: venky ( @ ) lokcapital dot com
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