Press release
Utkarsh Micro Finance raises Rs 395 crore of domestic equity
Varanasi based Utkarsh Micro Finance Ltd announced a `395 crore round of primary equity from 8 resident investors to comply with the Small Finance Bank guidelines of making the company resident owned and controlled.Utkarsh Micro Finance is the only entity to receive the Small Finance Bank licence in the Hindi heartland of UP, Bihar, Jharkhand, Madhya Pradesh and Chhattisgarh. The company began its operations in September 2009 and within a span of 7 years, it is ready to launch the Small Finance Bank.
The company raised `395 crore from reputed investors viz. HDFC Ergo General Insurance Co. Ltd, HDFC Standard Life Insurance Co. Ltd, ICICI Prudential Life Insurance Co. Ltd, RBL Bank Ltd., Shriram Life Insurance Co. Ltd, Small Industries Development Bank of India (SIDBI) and private equity funds such as Arpwood Investments and Faering Capital.
Mr. Govind Singh, MD & CEO said “The current round of investment from 8 reputed institutions reflects the confidence of the investors in the company and its management and also on the SFB operating model. The funds will be used to expand further business, particularly in introducing new banking products. The investment will take care of capital requirements for the next 3-4 years.”
The company is also in process of completing secondary transactions by providing complete/partial exit to few funds which have been part of company’s growth journey for more than 5 years.
Way back in Sep 2009, when the company started its operations from 4 branches of Varanasi, it had set a dream vision of serving over a million households by 2016, which was achieved in Mar 2016 itself. Now, Utkarsh has a Vision to be the trusted financial service provider to over 10 million customers by 2021.
In its new avatar, the company proposes to provide affordable & accessible banking services which are process centric, technology enabled and people oriented. The rural and semi-urban reach of the company, especially in RBI’s underbanked districts in underbanked states of India with its mass banking approach would bring financial inclusion in its true sense.
ICICI Securities & Avendus Capital were financial advisors to the company. BMR Legal was the legal advisor to the company.
The current outreach of company is serving over 1.2 million clients with a portfolio of over Rs.1750 crore. Further details: www.utkarshmfi.com
About Utkarsh Micro Finance
Utkarsh Micro Finance Limited is a Non-Banking Financial Company - Micro Finance institution registered with Reserve Bank of India. Headquartered at Varanasi, Utkarsh has operations in Uttar Pradesh, Bihar, Jharkhand, Maharashtra, Madhya Pradesh, Chhattisgarh, Delhi-NCR, Uttarakhand, Haryana and Himachal Pradesh.
It started its operations in September 2009 to provide financial and non-financial services in its area of operations to the unbanked and under-banked population who have the skill but are in need of capital. Initially, it started with credit under Joint Liability Group (JLG) Model. Today, the company has products like Micro Enterprises Loans (MEL), Affordable Housing Loans (AHL) and Micro Pension products in its bouquet.
For Media queries, please contact:
Mr. Ashwani Kumar | ashwani.kumar@utkarshmfi.com | Mobile- 8756399742
UTKARSH Micro Finance Limited
S-2/639-56 | Varuna Vihar Colony | J.P. Mehta Road | Cantt. | Varanasi | Uttar Pradesh | India | PIN – 221002
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