Indian non-banking finance company Suryoday Small Finance Bank (SSFB) will land between 175 crore to 200 crore rupees ($24.6 million to $28.1 million) in funding round by the end of next month.
SSFB will raise funds via share sale on a private placement basis to the existing and new investors. The process is at an advanced stage and the round will be closed before the end of the current fiscal.
The existing investors include Housing Development Finance Corp, Ltd., International Finance Corp., IDFC Bank and HDFC Life Insurance will join the round.
With the planned funds, SSFB will extend its operations to Uttar Pradesh, open a new branch in Varanasi as well as expanding its branch network in Gujarat, Madhya Pradesh, Karnataka and Delhi.