Light Microfinance gets $10 mn funding, calls it 'important milestone'

Three European organisations took part in the Series-A funding round.

Ahmedabad-based Light Microfinance has got $10 million (Rs 75 crore) in funding from European Impact Investors Incofin (a Belgian firm), Nordic Microfinance Initiative (Norwegian) and Triple Jump (Dutch). This is Triple Jump’s first investment in Indian microfinance. 

The three funds follow an investment strategy aimed at creating social or environmental impacts in addition to financial gains. 

“This is a very important milestone. The investment will boost our expansion plans in states of Haryana, Rajasthan and Madhya Pradesh,” said Rakesh Kumar, chief executive officer of Light.

Light reported in FY21 a portfolio growth of 30% to Rs 623 crore with 0.9% NPA. “This investment