Overview

Sindhuja Microcredit Private Limited, an RBI‑registered NBFC‑MFI founded in 2018, announced the successful completion of its maiden listed Non‑Convertible Debenture (NCD) issuance amounting to ₹100 crore. The issue, subscribed by Wint Wealth and Stable Money, marks the company’s entry into the listed debt capital markets and diversifies its funding mix beyond traditional bank and financial‑institution sources.

Funding Details

The ₹100 crore NCD issuance will be used primarily to fund the company’s lending operations and support its growth agenda. Earlier, in May 2026, Sindhuja raised ₹47 crore through a Pre‑Series D equity round from existing international investors Abler Nordic, GAWA Capital (via Huruma Fund), and Oikocredit, aimed at strengthening its capital base and expanding responsible credit access.

Company Profile

As of 31 August 2026, Sindhuja reported ₹1,059 crore in assets under management (AUM), serving 301,640 active customers via 361 branches across 12 Indian states. The firm focuses on micro‑finance and MSME loans, emphasizing customer‑centric, technology‑enabled, and responsible lending practices.

Recent Operational Developments

The micro‑finance sector contracted by roughly 24 % over the preceding two years, while Sindhuja’s own portfolio contracted by about 13 %. Despite this, the company turned profit‑and‑loss positive on a month‑on‑month basis from February 2026, signalling a recovery trajectory. In the current financial year, Sindhuja launched its own Loan Origination System (LOS) to create a more integrated, agile, and digitally enabled operating platform.

Recognition and Awards

Sindhuja’s impact on customers was highlighted in the 2025 60 Decibels Microfinance Index, where it ranked No. 1 in Asia. The same year, it received the 2025 Microfinance Social Impact Award, reflecting strong performance across access, loan‑product impact, household impact, client protection, resilience, and agency dimensions based on interviews with over 24,450 micro‑finance clients across 39 countries.

Executive Comments

  • Rohit Tandon, Head of Finance, stated that the NCD issuance is a pivotal milestone, enhancing liability diversification and supporting sustainable growth while maintaining prudent asset‑liability management.
  • Anshul Gupta, Chief Investment Officer of Wint Wealth, highlighted the transaction as evidence of the growing ability of established financial inclusion institutions to tap market‑based capital.
  • Harish Reddy, Founder of Stable Money, expressed delight at partnering on the inaugural listed NCD and underscored the relevance of market‑based debt capital for institutions serving underserved segments.

Outlook

With an expanded funding base, a robust technology platform, and a growing branch network, Sindhuja intends to continue strengthening portfolio quality, deepening customer relationships, leveraging technology for operational efficiency, and expanding financial solutions for underserved households and micro‑ and small‑entrepreneurs.

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