Annapurna Microfinance announces Equity investment of Rupees 35 crore by Oikocredit
by Shrutee K/DNS
Mumbai:Thursday,23rd
June 2016:
Annapurna Microfinance Pvt. Ltd., a
central-eastern India focused micro-lender, headquartered in Bhubaneswar, is
pleased to announce the successful completion of equity infusion of INR 35
crore made by Oikocredit, a Netherlands based cooperative and one of the
largest funders to the microfinance sector. Oikocredit provides credit and
equity financing to small businesses through microfinance institutions in the
developing countries.
Annapurna is amongst the leading organizations in
this sector with presence in as many as 10 states across India. Annapurna provides
financial support to low income groups to help improve their standard of
living. It strives to create positive impact by way of programmes to develop new
and stable income avenues for the economic empowerment. Annapurna is an
NBFC-MFI registered with RBI. Its client base comprises more than 0.7 million
borrowers with AUM of aproximately INR 9,500 million as on March 2016.
Speaking on this occasion, Mr. Gobinda Chandra Pattanaik, Chairman & Managing Director of
Annapurna said, “Oikocredit has been a long standing partner of Annapurna and a
pillar of strength even in challenging times. The well timed growth capital
infusion will help Annapurna augment presence and distribution in the regions
where it currently operates. It will also enable Annapura explore new and
hitherto untapped markets in the under-served catchments in different states of
India.”
Speaking on this development, Mr.
Bart van Eyk, Director of Equity
Investments and Business Development of Oikocredit said, "We are
pleased to invest in Annapurna Microfinance, alongside strong co-investors with
whom we share a social mission. We are confident Annapurna will succeed
in using the investment to reach a significant number of rural and financially
excluded women. We believe that Annapurna is among India's best performing and respected
microfinance institutions".
In previous capital raising rounds, Annapurna has
received equity investment support from SIDBI IMEF, SIDBI Venture Capital Ltd
(SVCL), Belgian Investment Company for Developing Countries (BIO), Incofin
Investment Management and, very recently from DCB Bank.
About Oikocredit : Oikocredit
is a worldwide cooperative and social investor, providing credit and equity to
microfinance institutions and directly to trade cooperatives, fair trade
organizations, renewable energy projects and Small to Medium Enterprises (SMEs)
in developing countries. Oikocredit’s strategic focus areas are, inclusive
finance, agriculture and renewable energy. Oikocredit has a development
financing portfolio totalling € 911 million, invested across 70 countries
worldwide. Oikocredit is privately financed through the investments of 51,000
individuals and organizations offering a positive triple bottom line to
investors: social, environmental and financial.
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