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Kedaara-backed MFI Spandana Sphoorty, ex-MD Padmaja Reddy end spat
Hyderabad-headquartered, publicly listed microfinance firm Spandana Sphoorty and its founder and former MD, Padmaja Reddy, have resolved their differences and decided to part ways on amicable terms. The development will also enable the company to declare its financial results for FY22. While Reddy is no longer the MD of the company, she continues to be a substantial shareholder and a member of the board. In November 2021, Reddy resigned as the MD owing to certain disputes that had arisen over a plan to sell the NBFC-MFI to Axis Bank at a price, which she said was under valued.
Between Jul 07 and Mar 18, Spandana Sphoorty had raised over USD 186 M from Kedaara Capital and others. The company went public in Aug 2019.
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Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.