India's Sindhuja Microcredit raises $10 million in debut listed debt sale
What's the deal? Sindhuja Microcredit, an RBI-registered non-banking financial company-microfinance institution (NBFC-MFI), has raised US$13.6M through its first listed Non-Convertible Debenture (NCD) issuance. Wint Wealth and Stable Money took part in the debt sale, which marks the company's entry into India's listed debt capital markets.
What's the endgame? Sindhuja lends to underserved households and micro and small entrepreneurs, offering microfinance and MSME loans across 361 branches in 12 states. The listed NCD adds market-based borrowing to a funding mix that already spans banks and financial institutions. As of August 31, 2026, it held US$143.8M in assets under management and served 301,640 active customers.
Why now? The issuance follows a bruising stretch for Indian microfinance. Sindhuja says the sector contracted by roughly 24% over the previous two years, while its own book shrank about 13%. The company turned month-on-month profitable from February 2026.
What else? In May 2026, Sindhuja raised US$6.38M in a Pre-Series D round from existing international investors Abler NordicDealroom has a profile for this one. Try Dealroom →, GAWA CapitalDealroom has a profile for this one. Try Dealroom → through Huruma FundDealroom has a profile for this one. Try Dealroom →, and OikocreditDealroom has a profile for this one. Try Dealroom →. It has also launched its own Loan Origination System as part of a broader technology overhaul.
"Building a well-diversified liability franchise is critical to supporting sustainable growth," said Rohit Tandon, head of finance at Sindhuja.
The signal: Access to listed debt is a maturity marker for NBFC-MFIs recovering from the sector's downturn. Layering equity, institutional lending, and capital-market funding gives Sindhuja a broader base to fund its next phase of growth.
Read more: ptinews.com
Image credit: mckaysavage
