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MUMBAI, India, March 6, 2023 /PRNewswire/ — Mumbai-based Svasti Microfinance Private Limited (Svasti) has received US$ 5 million through Non-Convertible Debentures from Singapore-based Impact Investment Exchange (IIX)’s Women’s Livelihood Bond 5 (WLB5). WLB5 is the fifth issuance under IIX’s Women’s Livelihood Bond™ (WLB) Series, which is the world’s first gender-lens bond compliant with International Capital Markets Association and listed on a stock exchange. Through five successful bond issuances, the WLB™ Series has mobilized over US$ 128 million – leading to improved livelihoods and economic resilience for more than 1.3 million women across Asia-Pacific and Africa.
The proceeds of this 4-year Non-Convertible Debenture will go toward empowering women through income-generating activities and promoting sustainable livelihoods. IIX recently launched the Orange Bond Initiative™, which is the world’s first asset class built by and for the Global South and the 99% as a solution to financing gender equality. The Initiative’s mission is to empower ~100 million women and girls worldwide through unlocking US$10 billion by 2030.
Svasti is proud to be a part of this ground-breaking initiative, and this multi-continent and multi-sector portfolio focused on financing women-centric initiatives.
Arunkumar Padmanabhan, Co-Founder and CEO, Svasti Microfinance said, “We are delighted that we are a part of the World’s First Orange Bond issuance. This will support our vision and mission to fulfil the right to finance and help transform the lives of 100 lakh women by 2030. This will add to the 3.5 lakh plus women who we have currently financed across eight states in India and are helping strengthen their economic resilience and self-reliance.”
Bhagavathi Subramaniam Narayanan, Co-Founder and CFO, Svasti Microfinance added, “As a signatory to the Orange Bond Pledge, we acknowledge the urgency in accelerating gender equality and reiterate our commitment to the Orange Bond’s mission and objectives to help build a gender empower financing system, mobilize capital for women’s empowerment, and to fast track gender equality.”
About Svasti Microfinance:
Svasti, an RBI licensed NBFC-MFI, has a mission to fulfill the right to finance for women, as women not only are the significant members of each household, but they are also among the countless millions who contribute to the economy of India. Svasti’s mission is to fulfill this right to finance of women with a host of financial services and knowledge, that will help transform their lives.
Svasti was co-founded by Arunkumar Padmanabhan and Narayanan Subramaniam in 2010, with the objective of bringing their extensive experience in banking, finance, and technology development into the consumer finance sector, and transform the lives of women, especially those who do not have any collateral to support their bids for finance, thus bringing about a positive change in society.
Svasti as on 15th Feb, 2023 serves 3,64,488 customers across 140 branches spread over 8 states, aggregating a loan portfolio of around INR 8.7 billion and a best in the industry collection efficiency in excess of 99% and low NPAs. Svasti has been certified as a Great Place to Work, four years in a row.
Svasti has integrated globally recognised Environmental, Social and Governance (ESG) frameworks into its business operations, enabling it to deliver sustainable growth ensuring the well-being of its customers as well as its employees.
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