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ImpactAlpha, May 4 – Mumbai-based Svakarma Finance is using an on-the-ground lending network with fintech to provide credit and other financial services to India’s micro-enterprises. The company has 12 branches in three Indian states. It’s looking to surpass 30 billion rupees ($367 million) in lending to 70,000 customers by 2028.
An investment from financial inclusion and environment-focused Encourage Capital will help Svakarma launch a solar financing product for small businesses to install and adopt rooftop solar. Encourage made the investment from its $40 million Solar Finance fund to help India’s small businesses access and transition to clean energy.
It took a minority stake in Svakarma. Encourage expects to invest $9 million in Svakarma over the next 18 months.
