Ujjivan Small Finance Bank to raise ₹350 crore from World Bank Group

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Bengaluru-based Ujjivan Small Finance Bank is in talks with International Finance Corporation (IFC), the investment arm of World Bank Group to raise around INR 350 crores ($50 million) in debt capital, as reported by VCCircle. The investment will enable Ujjivan Small Finance Bank to expand its outreach to low-income borrowers and strengthen its balance sheet.

The investment is speculated to be offered via subordinated debt or junior debt. The reports suggest that the small finance bank will put up a loan proposal in front of the IFC’s board next year in February.

Ujjivan Small Finance Bank is a wholly owned subsidiary of Ujjivan Financial Services. The bank was provided with a small finance bank license by RBI in November 2016. The bank started its operations in February 2017.

Ujjivan Small Finance Bank is working towards providing financial services to unserved and underprivileged classes of Indian customers. The latest development will help the bank to offer microcredits to small and micro enterprises.

The bank currently has 462 branches, 275 banking outlets and 187 asset centres. The total loan book stands at INR 7,878 crores while total loan disbursal stands at INR 2,092 crores as of June this year.

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International Finance Corporation has to lead a number of equity investments in India including funding of startups like BigBasket, Lenskart, NephroPlus, Byju’s, Portea Medical and BlackBuck among many others.

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SW Staffhttps://startupwonders.com/guestpost
Startup Wonders provide startup resources, stories and news to help budding entrepreneurs grow and succeed in their business career.

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