Aavishkaar Goodwell (“AG”), a specialized equity fund dedicated to supporting Indian MFIs, has recently concluded its equity investment in Shre Pathrakali Finance for a significant minority stake.
Shre Pathrakali Finance Co. Pvt Ltd (SPFCL) is a greenfield MFI operating under the brand name of “Utkarsh” that has commenced its micro-credit operations in September 2009 in Varanasi district, Uttar Pradesh – one of the most underserved regions for microcredit. Starting from UP, Utkarsh aims to become a significant player serving customers across Northern and Central India over the next 5 years. The MFI is led by Mr. Govind Singh, former business head for Micro-banking at ICICI Bank with over 20 years of experience spanning Micro-Banking, Rural & Agriculture finance, , Retail & Corporate Banking and Retail Infrastructure amongst others.
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