Swarna Pragati Raises INR 500M in Debt Funding

Swarna Pragati, an Indian affordable rural housing microfinance company, raised INR 500m in debt funding.

The State Bank of India provided the financing, which comes after a 2015 Series B round that included Omidyar Network.

The funds will enable the company to expand its reach.

Led by A Ramesh Kumar, Chairman and Managing Director, Swarna Pragati is a rural housing microfinance company providing innovative financial solutions for housing in India, particularly to low-income households and women in rural and semi-urban areas by not requiring a title to guarantee a loan and by assessing the borrower’s creditworthiness using a non-traditional methodology.



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