Annapurna Microfinance raises $5M in Series B funding

Wednesday, March 26, 2014

Odisha-based Annapurna Microfinance Pvt Ltd (AMPL) has raised Rs 30 crore (around $5 million) in a Series B round of funding led by Belgian Investment Company for Developing Countries (BIO), with participation from the existing investor Incofin Investment Management’s Rural Impulse Fund II.

“This investment will help us in providing technology based innovative financial solution to thousands of SHGs thereby enabling us to strive forward in achieving our mission of an inclusive financial growth. We are looking forward to expand and strengthen our work in the underserved tribal dominated districts of Odisha, Jharkhand, Chhattisgarh and Madhya Pradesh,” Gobinda Pattanaik, MD of AMPL, said.

“The capital increase will help AMPL to realise its important developmental mission of reaching out to underserved people, focusing on empowering women micro entrepreneurs in rural and semi-urban areas and improving their livelihoods,” Laetitia Counye, senior investment officer, BIO, added.

Source: VCCircle (link opens in a new window)

Categories
Entrepreneurship, Impact Assessment
Tags
financial inclusion, investment fund, microfinance, social impact