Sambandh Finserve Pvt Ltd (SFPL) which was recently awarded the prestigious Microfinance Organization of the Year 2017 (Small & Medium) at the Inclusive Finance India Summit 2017, has received an equity infusion of $2.5mn from Base of Pyramid Asia (BOPA) Pte Ltd.
This additional infusion of capital will help Sambandh expand in existing and newer areas. Further, it will also provide the necessary resources to bring in new technologies in its operation. Sambandh is presently working in 20 districts of Odisha, Chhattisgarh, and Jharkhand states.
Sambandh also stands to benefit from the international technical expertise of BOPA and will utilize the same to diversify its product portfolio and client engagement efforts in order to reinforce the presence in the region.
Earlier in March 2018, SIDBI and Dia Vikas Capital Pvt Ltd,
existing institutional investors in Sambandh, had reposed their faith by participating in a round of equity as well.
Speaking on this occasion, Deepak Kindo, MD & CEO of Sambandh, said, “Sambandh envisages to be a strong regional player and transform the lives of the underprivileged in this Chhota Nagpur region. BOPA's assistance will help us achieve our long-term goals of building a sustainable financial institution with the best global practices in its operations, which will translate into holistic impact at the grassroots. On behalf of Sambandh, I would also take the opportunity to welcome BOPA to India.”
Christian Andersen, CEO of BOPA, speaking on this development, said, “BOPA is very happy to become a partner of Sambandh, which is an impressive regional NBFC-MFI with a strong commitment to social impact. We feel that BOPA and Sambandh are very well aligned and look forward to work with Sambandh to support growing its scale and impact.”