French investor Proparco invests $15 million in Annapurna finance

The Bhubaneswar-based microlender Annapurna Finance raised $15 million in fairness from French investor Proparco, making it the corporate’s fourth capital spherical within the earlier 15 months.

The non-public funding division of the French authorities’s Agence Française de Développement Group is named Proparco (AFD Group).

The cash can be utilized by Annapurna to extend its mortgage guide, make expertise investments, and broaden its geographic attain, the agency introduced on Friday. It gives micro-credit loans, residence enchancment loans, and MSME loans to people and small enterprises with a pan-India rural distribution community and a multi-product technique.

With the brand new funding, Annapurna has now obtained a complete of $100 million in fairness infusion within the final 15 months: $30 million in March 2021 from Nuveen International Impression Fund, $20 million in November 2021 from DEG, and $35 million in March this 12 months from Encourage Capital, Accion, and present investor Oikocredit.

Gobinda Chandra and Dibyajyoti Pattanaik began Annapurna in 2009, and as of the tip of March, it had a gross credit score portfolio value Rs6,500 crore. By way of greater than 980 areas scattered all through 20 states, it serves 2.3 million debtors.