A consortium of investors has completed an INR2.25 billion (approximately US$34 million) financing round for India-based specialty lender Suryoday Microfinance. As part of the transaction, India-focused private equity firm Aavishkaar has fully exited the company and India-focused impact investment firm Lok Capital has partially exited its stake. Investors in the round included India-focused private equity firms Gaja Capital, ASK Pravi and Arpwood; impact investment firm responsAbility Investments; fund of funds Evolvence India Fund II; financial institutions IDFC, HDFC Standard Life, Polaris Banyan Holdings, Bangor Group and Americorp Capital; and a series of individual investors. The transaction was reportedly structured to make Suryoday compliant to operate as a small finance bank.