Ignia Fund Invests $3.1 Million in BoP Phone Firm

Friday, October 29, 2010

Ignia Fund I has invested MXN 38.1 million (USD 3.1 million) in Mexican public telephony operator Servicios Caseteros S.A.P.I. de C.V. (Barafon) to low income populations in Mexico through a network of independently owned micro-businesses. With funding from Ignia, Barafon will expand its network of micro-businesses, while developing additional products and services that are economically and socially beneficial to the base of the socioeconomic pyramid. Barafon has over 600 phone booths in four states of Mexico through which it offers a range of additional services including transaction processing, mobile phone top-ups, and medical and job consultations.

Source: Kansas City Star (link opens in a new window)