# Suryoday Small Finance Bank

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/suryoday-small-finance-bank

- Industry: Financial Services
- Headquarters: Mumbai, India
- Website: www.suryodaybank.com
- Total disclosed funding: $7.5M
- Latest round: Series D (Jan 19, 2013)
- Investors on record: 2

## About

Suryoday Small Finance Bank Ltd. is an Indian financial institution specializing in small finance banking services, committed to enhancing financial inclusion for underserved customer segments through accessible banking solutions.Founded in 2008 and headquartered in Navi Mumbai, India, Suryoday Small Finance Bank Ltd. provides a comprehensive range of banking services. Baskar R. Ramachandran serves as the CEO and was one of the founders of the bank. The company has raised a total of INR 6500 million through its IPO on December 28, 2020, with this amount being the total raised in funding. The bank has successfully completed a total of 13 deals since inception.Suryoday Bank primarily offers a range of financial products and services tailored for individuals, small businesses, and micro-entrepreneurs. Its portfolio includes savings and current accounts, fixed deposits, loans, and money transfer services, focusing on financial inclusion for underserved populations. Products like micro-loans empower small business owners, while digital banking solutions ensure convenient access to accounts across various geographical locations.In the most recent fiscal year 2023, Suryoday Bank generated revenue of INR 159,115,374.50, with an EBITDA of INR 18,317,198.10. Revenue is derived from interest on loans, banking service fees, and investment earnings, supported by competitive pricing that maintains profitability while serving a diverse client base.Following its IPO in December 2020, Suryoday Small Finance Bank Ltd. aims to expand its product offerings and geographic reach. The bank plans to introduce new financial products designed for specific customer needs, with timelines and details to be disclosed in subsequent announcements. It also targets expanding operations into new urban and semi-urban markets across India. The funds raised from the recent IPO will be utilized to support these initiatives and enhance the bank's service delivery capabilities.

## Funding rounds

- Series D, Jan 19, 2013, $3.6M — Aavishkaar Capital, Lok Capital
- Series B, Aug 31, 2010, $2.7M — Aavishkaar Capital, Lok Capital
- Series A, Mar 1, 2009, $1.1M — Aavishkaar Capital

## Investors

- Aavishkaar Capital (https://capitalatlas.ai/funds/aavishkaar-capital) — Series A, Series B, Series D
- Lok Capital (https://capitalatlas.ai/funds/lok-capital) — Series B, Series D