Aavishkaar Goodwell invests in Shre Pathrakali (Utkarsh) microfinance

Microfinance Focus, Jan. 15, 2010: Aavishkaar Goodwell microfinance quity fund, with focus on Indian MFIs, has recently made an unspecified equity investment in Shre Pathrakali Finance Co. Pvt Ltd (SPFCL),  a greenfield MFI operating under the brand name “Utkarsh” that has commenced its micro-credit operations in September 2009 in Varanasi district, Uttar Pradesh.
“Aavishkaar Goodwell is proud to partner with Utkarsh on account of its experienced management team, focus on the under-served Northern belt of country and association with IntelleCash. This partnership marks our 3rd investment in a greenfield MFI operation subsequent to Equitas and Suryoday Microfinance and our 2nd investment in an IntelleCash partner” said Vineet Rai, Managing Partner, Aavishkaar Goodwell, also representing AG on Utkarsh’s board.

Utkarsh aims to become a significant player serving customers across Northern and Central India over the next 5 years. Utkarsh has been funded by Intellecash and reached 3,000 clients through 7 branches in 3 months since its launch. The new funding will be used towards early stage operational investments and capital adequacy requirements, said a statement.
Govind Singh, Founder & CEO of Utkarsh, said, “We believe we have an important role to play in supporting people who have skills but lack resources to improve their livelihoods. We chose to commence our operations from Eastern UP as it is one of the most underdeveloped regions with very low penetration of MFIs. It is great to have Aavishkaar Goodwell as a partner for not only providing timely seed capital support but also their contribution in shaping Utkarsh by involving themselves in strategic planning.”

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• SRIJAN 2009 to debate on microfinance challenges
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