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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