Svasti Microfinance announced that it has secured $4.3 million in a new round of funding from a group of investors including Nordic Microfinance Initiative, Adar Poonawalla and Rajiv Dadlani Group, bringing the total funds raised to approximately $20 million.
Svasti provides micro-loans to urban slum dwellers and women microentrepreneurs. The company was founded in 2010 by Narayanan Subramaniam and Arunkumar Padmanabhan. Svastech, its fintech platform, employs artificial intelligence and machine learning to manage risks and provide insights to its customer base. The current round of funding will enable the company to expand operations to new geographies and strengthen its emplpyee base.