Annapurna Microfinance raises $2.36M from Incofin Investment Management
Friday, June 29, 2012
Orissa-based Annapurna Microfinance Pvt Ltd (AMPL) has raised Rs 13 crore ($2.6 million) from Belgian investment firm Incofin Investment Management’s Rural Impulse Fund II.
Incofin has invested through equity shares, making Annapurna its sixth equity investment in India. Through this investment, the company would be able to reach out to micro-entrepreneurs in more than 12 states across the country.
Annapurna Micro Finance, founded in 1988 as Gwalior Finance and Leasing Co. Pvt Ltd, is a non-banking finance company which offers micro finance to poor, needy women. The firm also designs and develops financial products and services for the urban poor in the sectors including health, education and rehabilitation, according to a company statement.
As of March, AMPL had around 125, 000 clients in 18 districts of Orissa and Chhattisgarh. It has provided loans worth Rs 35.77 crore. The company, which has funding relationships with 18 banks or financial institutions, is targeting leadership position in Orissa and Chhattisgarh within the next three years.
“We do not only provide finance to the micro entrepreneurs, but also encourage them to build up financial reserves by saving at local banks. Our strategy has been to work closely with rural enterprises and build their financial strength,” Gobindra Pattanaik, MD of AMPL, said in the statement.