Accion Looks to Double India Investment in Fintech Cos to $50 Million
Thursday, August 11, 2016
Accion, the global nonprofit focusing on the financial inclusion space, is looking to double its exposure to India in the coming years from the current $25 million (Rs 167 crore).
The firm is looking for investments across areas like small business lending and financial technology startups, primarily in the early to mid-stage segment.
“Today, India is our most active country. We have a three-pronged strategy in the country,” said Accion chief operating officer (COO) Esteban A Altschul. He said that Accion is currently in talks with half a dozen companies for an investment and that “India is the hotbed for financial inclusion worldwide”
On the financial inclusion side, Accion is eyeing investments in segments like alternative credit scoring, risk management and insurance products for bottom of the pyramid.
Accion has been operating in India for nearly a decade, with investments in Patna-based microfinance firm Saija Finance, Mumbai-based banking correspondent player Swadhaar Finserv and more recently in Chennai-based financial inclusion platform IFMR Holdings.