Light Microfinance has raised Rs 196 crore ($24.1 million) in a Series B funding round, the company said in a statement on Thursday.
The funding was led by British International Investment (BII), UK’s Development Finance Institution (DFI) and Impact investor. The company’s existing investors, Nordic Microfinance Initiative (NMI), Triple Jump BV and Incofin IM also participated in this round.
The funding will be utilized for geographical expansion into new states to diversify the company’s product lines and continued investments in technology and digital initiatives, the statement added.
“Our AI and ML-enabled products have already started providing us with real-time information and updates in various critical areas, including underwriting and cost reduction. The Series B investment will help Light rapidly expand its fintech offerings,” said Light Microfinance’s founder and managing director, Deepak Amin.
He said the company has already chalked out a multi-year roadmap and plans to continue building heavily on its cutting-edge technology platform and new products. “The new RBI guidelines for fintech have placed the company in a very advantageous position especially when many companies are facing strong headwinds, especially those without a strong balance sheet.”
Light Microfinance was founded in 2009 and is headquartered in Ahmedabad and has operations across Gujarat, Rajasthan, Madhya Pradesh and Haryana.
