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Suryoday Small Finance Bank has raised ₹248 crore from a clutch of investors including development finance institution DEG, a subsidiary of Germany’s KfW Group, and Kotak Mahindra Life Insurance Co.
The fundraise also saw capital infusion from the bank’s promoters and its 13 existing investors, including Sarva Capital, HDFC, IFC, IDFC Bank, Gaja Capital and ASK Pravi.
J. Sagar Associates acted as the legal advisor to Suryoday Small Finance Bank Limited and the team was led by Partners Aarthi Sivanandh, Ongmu Tshering, and Bhavana Alexander along with Associates Pavithra Manivannan, Prerna Ranjan, Aman Bhatia and Kumar Kislay.
Trilegal acted for DEG and the team included Counsel Clarence Anthony and Senior Associate Varun Agarwal.
Trilegal also acted for IFC and the team was led by Partner Ravindra Bandhakavi, Senior Associate Arijeet Mukherjee and Associate Aditya Vardhan Dayal.
DSK Legal advised Gaja Capital Fund II Limited and Gaja Trustee Company Private Ltd and the team included Principal Associate Mayank Mehta and Sameer Raina
TVS Shriram Growth Fund 3 and TVS Shriram Growth Fund was represented by K Law. The K Law team was led by Partners Naina Krishna Murthy and Shwetambari Rao along with Mitesh Shah and Jeevith Belliappa.
Jerome Merchant + Partners advised the existing investor Evolvence Capital with a team led by Partner Vishnu Jerome and Associate Ravishankar.
Kotak Mahindra Life Insurance was advised by its in-house legal team
Suryoday is a registered small finance bank and is among 10 companies and the only one from Maharashtra to obtain a ‘Small Finance Bank’ licence from the Reserve Bank of India. They commenced banking operations on 23rd January 2017.