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.