S&R Associates represented Light Microfinance in its INR1.96 billion (USD23.7 million) series B funding round led by British International Investment along with existing investors Nordic Microfinance Initiative, Triple Jump and Incofin.
The S&R team was led by partner Viral Mehta, and included counsel Kinnari Sanghvi and associate Vyoma Mehta.
The Reserve Bank of India-registered non-banking financial company closed the series B funding just over a year after its earlier funding round, which had raised INR750 million. Light Microfinance would use the funds raised in the latest round for expanding its business into new states and for the diversification of the company’s product lines, said the deal announcement.
Light Microfinance was founded in 2009 by managing director Deepak Amin, CEO Rakesh Kumar and chief financial officer Aviral Saini. It is headquartered in Ahmedabad and has operations across Gujarat, Rajasthan, Madhya Pradesh and Haryana.
The company has more than INR1.3 billion worth of assets under management. British International Investment is based in the UK, while Nordic Microfinance Initiative is a Norwegian fund, Triple Jump is a Dutch firm and Incofin is based in Belgium.