Retail

Northern Arc Capital gets Rs 40 crore from Kotak Mahindra Bank


KOLKATA: Non-bank lender Northern Arc Capital has received Rs 40 crore of debt from , 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.

This is the second debt raising by Northern Arc this fiscal preceded by $25 million funding by Dutch impact investor FMO earlier in the month.

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.

“It will cover the working capital needs of thousands of women entrepreneurs, along with mini-grid companies,” Rockefeller Foundation’s managing director of Asia region Deepali Khanna was quoted as saying in a press statement.

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.

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