Gojo & Company, Inc. (“Gojo”) is pleased to announce the successful completion of its Series E equity financing of USD 47.6 million with cumulative paid-in capital since our establishment in July 2014 now reaching USD 140.2 million. The number of loan and remittance clients of Gojo Group Companies has surpassed 1.39 million and assets under management of the group crossed USD 702.8 million as of September 2022.
Participation by international and domestic institutional investors
Series E financing has been supported by a total of 21 institutional investors as well as several individual investors. In addition to follow-on investments from existing shareholders (GMO VenturePartners, Inc., TGVest Capital, and TransLink Capital Partners (SOMPO) I, L.P.), Gojo welcomed ACA Investments Pte. Ltd., QR Investment Co., Ltd., and SMBC Nikko Securities Inc., among others, as new shareholders in this financing round through Class E, E2, and E3 preferred shares.
Despite the challenging business environment due to macroeconomic instability, the conflict between Ukraine and Russia, and political instability in Myanmar and Sri Lanka, we successfully managed to raise funds led by existing shareholders. We are grateful for what we have achieved and are committed to further extending financial inclusion through a solid partnership with group companies to meet the expectations of our shareholders.
The newly raised funds will be allocated mainly for strengthening the financial foundations of group companies, further growth after the recovery from COVID-19 impact, and promoting the digitalization of group companies, as well as possible expansion to new markets in Asia and Africa. We will continue to work towards the final close of the Series E financing.
Series E Investors (as of September 2022)
- GMO VenturePartners, Inc.
- TGVest Capital Inc.
- Miyagin Venture Capital Co., Ltd.
- ITOCHU Corporation
- Venture Labo Investment Co., Ltd
- HFA Capital Co., Ltd.
- FFG Venture Business Partners, Inc.
- Samurai Incubate Fund Ⅵ Investment Limited Partnership (Samurai Incubate Inc.)
- Hashimoto Foundation Inc.
- CAPITAL X, Inc.
- QR Investment Co., Ltd.
- TransLink Capital Partners (SOMPO) I, L.P.
- Sumisho Venture Partners, Inc.
- Marubeni Corporation
- Chiba Dojo Fund
- TSUNEISHI CAPITAL PARTNERS Co., Ltd.
- iSGS Investment Works Inc.
- SMBC Nikko Securities Inc.
- ACA Investments Pte. Ltd.
- HAKUHODO DY FUTURE DESIGN FUND（Hakuhodo DY Ventures Co., Ltd）
- KDDI Open Innovation Fund Ⅲ（operated by Global Brain Corporation）
The number of loan and remittance clients passed 1.39 million and assets under management (AUM) of the group crossed USD 702.8 million
Following the completion of Series D equity financing in December 2020, Gojo increased its stake in SATYA MicroCapital (India) to 66.66% on a diluted basis through additional investment and share purchase from existing shareholders. In September 2021, Gojo invested and acquired a majority stake in Closed Joint Stock Company (CJSC) Microcredit Deposit Organization (MDO) "HUMO", one of the fastest-growing microcredit deposit organizations in Tajikistan, and marked its entry into the Central Asian region. In March 2022, Gojo also invested in MyShubhLife (a product of Datasigns Technologies Private Limited), a full-stack financial services platform in India.
Driven by robust growth in India which achieved a record high new disbursement thanks to remarkable growth post-recovery from COVID-19, as well as Tajikistan business which quickly responded to political instability, Gojo Group’s AUM crossed USD 702.8 million in September 2022. Seven years after our establishment, we now operate in Cambodia, Myanmar, Sri Lanka, India and Tajikistan with more than 8,500 employees, serving more than 1.39 million loan and remittance clients.
While Gojo continuously grew its financial income at 100% per annum over the past five years, the delinquency ratio of the portfolio remained low thanks to the digitized operations.
Gojo’s Group Total Assets Under Management (AUM)
(Unit: USD mm)
About Gojo & Company
Gojo was founded to extend financial inclusion to everyone in the world, beginning with developing countries. Gojo encourages the formalisation and growth of micro, small, and medium-sized enterprises. Our long-term goal is to enable the provision of high-quality affordable financial services for 100 million unserved and underserved people in 50 countries by 2030.