Chaitanya MFI raises `33 cr
Chaitanya Microfinance has raised `33 crore through an issue of non-convertible debentures. The NCDs were solely subscribed to by AAV Sarl, an affiliate of global impact investment company Symbiotics Group. The Bengaluru-based microfinance institution currently operates across Karnataka, Maharashtra and Bihar, providing joint liability group loans, along with financial literacy programs, to rural communities across the three states. It had a loan book of about `261 crore. Samit Shetty, MD, said getting funding from large foreign institutions like Symbiotics Group is a validation of the confidence on the sector and the institution. He said the funding will be used for reaching out to several rural households, thus improving their lives.