- RBL Bank-backed Utkarsh Small Finance Bank (USFB), which mainly gives microfinance loans in Bihar and Uttar Pradesh, has begun work on its initial public offering (IPO), Mint reported citing three people aware of the matter.
- Established in 2009, USFB is wholly owned by Utkarsh Coreinvest Ltd (erstwhile Utkarsh Micro Finance Ltd) and counts CDC Group Plc, the development finance institution of the UK government, as its largest shareholder holding a 14% stake.
- Utkarsh Coreinvest received a final small finance bank (SFB) licence from the Reserve Bank of India (RBI) in November 2016 and started operations as an SFB in January 2017.
- Sequoia-backed Groww raises ₹ 154 crore led by Ribbit Capital
- Its existing investors- Sequoia Capital India and marquee startup accelerator Y-Combinator, also participated in the round.
Read full article: livemint.com