Suryoday Small Finance Bank (SSFB) has raised Rs 62.14 crore from six investors including Gaja Capital, Kotak Life, Lok Capital, TIAA, and Kiran Vyapar private placement. The bank is currently in the process of digitizing its microfinance vertical and the capital would be a boost for its growth.
SSFB had earlier launched a working capital loan product for all its MFI customers to meet their financial requirements amid pandemic, under which a working capital loan of Rs. 5000 was granted.
The loan product was such that the interest amount was payable only on using the loan amount. Currently, the bank has already disbursed the new product loan to around 400 accounts. The bank has a deposit base of more than Rs 2,800 crore and a loan portfolio of around Rs 3,700 crore.
R. Bhaskar Babu, Managing Director of Suryoday Small Finance Bank said that the growth capital for the bank has been raised at a time when the bank had started re-engineering its business processes, which would further help the bank grow.
