Debt facility backed by guarantees from Michael & Susan Dell Foundation and Rockefeller Foundation
Under-banked households and micro-entrepreneurs across the country with a monthly household income of less than INR 25,000, will be the key beneficiaries of the funding
Chennai, April 19, 2021: Northern Arc, one of India’s leading digital debt platforms, today announced that it has received INR 40 crore of debt financing from Kotak Mahindra Bank, one of the country’s largest private banks. The facility is backed by partial guarantees from The Michael & Susan Dell Foundation (MSDF) and The Rockefeller Foundation. The transaction is part of the covid-response package of both these impact institutions, that aims to alleviate the economic and social impact of the pandemic.
Synopsis
The proceeds from this investment will be channeled to retail households and microentrepreneurs with a household monthly income of less than Rs 25,000, Northern Arc said.
Getty Images
Over the last year, Northern Arc has raised debt from an array of global development financial institutions and impact-investors such as US International Development Finance Corporation, Asian Development Bank, Calvert Impact Capital.
KOLKATA: Non-bank lender Northern Arc Capital has received Rs 40 crore of debt from
Kotak Mahindra Bank, the company announced Monday. The facility is backed by partial guarantees from Michael & Susan Dell Foundation and Rockefeller Foundation.
The transaction is part of the covid-response package of both these impact institutions, that aims to alleviate the economic and social impact of the pandemic.
Northern Arc raises ₹40 crore in debt from Kotak Mahindra Bank thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.