About Nordic Microfinance Initiative
The Nordic Microfinance Initiative (NMI) is a strategic partnership between the Norwegian public and private sectors that will invest in microfinance institutions (MFIs) in developing countries and provide professional assistance and technical support for these institutions. The mission of NMI is to contribute to the empowerment of poor people and to the creation of jobs, wealth, and economic and social sustainability in developing countries by investing in and supporting MFIs.
Nordic Microfinance Initiative Headquarter Location
Rosenkrantz' gate 22, 7th Floor
+47 22 36 22 40
Latest Nordic Microfinance Initiative News
Jun 1, 2020
Quick Summary MUMBAI: Notwithstanding risk aversion the sector is facing, two microfinance institutions Satya MicroCapital and Sindhuja Microcredit have managed to raise a total of Rs 170 crore from international investors.While New Delhi-based Satya MicroCapital has raised Rs 105 crore from Japan-based Gojo & Company, Uttar Pradesh-based Sindhuja Microcredit was able to get funds worth Rs 65 crore from Norway-based Nordic Microfinance Initiative (NMI) and Mumbai-Based Carpediem Capital Microfinance Institutions Network (MFIN) Chief Executive Officer Harsh Shrivastava said the confidence exuded by international investors in the country's microfinance sector at this time is truly encouraging. "This clearly shows the confidence that equity investors have on the Indian microfinance sector, its capacity to bounce back and manage its portfolio qualities even during demonetisation, Andhra crisis, etc, making it a safe and viable impact investment.Both investments came in the past few days, showing resilience of the sector," Shrivastava said.Noida-based Sindhuja Microcredit co-founder and Managing Director Abhisheka Kumar said that of the Rs 65 crore capital, it has already received Rs 25 crore and for the balance Rs 40 crore, it has sought the Reserve Bank of India 's ( RBI ) approval.We had raised Rs 25 crore in Series-A funding from Carpediem Capital in 2019," Kumar said.After this second round of funding, Sindhuja's capital position will rise to Rs 100 crore, which, according to Kumar, will take care of any liquidity requirement for the next 18 months, he said.In July 2018, Gojo & Company had invested Rs 40-42 crore in Satya MicroCapital.The company's LLG model distributes the liability among each group member which exists only up to 10 per cent of loan tenure in bi-weekly collections. Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by StartupAround.
Nordic Microfinance Initiative Team
1 Team Member
Nordic Microfinance Initiative has 1 team member, including former Managing Director, Richard Weingarten.