IFMR Holdings, a leading financial inclusion platform, has raised $25 million (about Rs 160 crore) in equity from Accion, a financial inclusion pioneer; LeapFrog Investments, a specialist investor in emerging market financial services; and, Lok Capital, an impact investment firm.
IFMR will use the money to speed up financial inclusion work across India, it said in a press release.
IFMR Holdings serves a large number of financially excluded households and enterprises through three businesses: IFMR Capital, a debt capital markets platform for 75 originators offering micro-loans, small business finance, affordable housing and commercial vehicles finance; IFMR Rural Finance, a technology licensor that developed the Kshetriya Gramin Financial Services model for rural markets; and, IFMR Rural Channels, a credit, insurance and pensions provider to over six lakh clients through 242 branches in rural areas.
The release said Accion was investing $12.5 million, LeapFrog $ 9 million and Lok Capital the balance $3.5 million.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.