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Microlender Annapurna Finance Raises Rs 30M

Annapurna-Finance-Private-Limited

Annapurna Finance, a microlender, revealed on Tuesday that it has raised USD 30 million in a new investment round headed by Nuveen Global Impact Strategy, an impact investor. According to an official release, the financing would enable it extend its credit portfolio to include women borrowers under the joint liability group and self-help group models.

According to the statement, the organisation has a loan book of Rs 4,700 crore spread across 18 lakh clients and is present in 313 districts across 18 states. Annapurna has helped women entrepreneurs expand their businesses and successfully supported customers through the COVID-19 pandemic, according to Radhika Shroff, Nuveen’s managing director for private impact investing.

Das stated that the company’s main concentration is in east and central India, and that after the money raise, it will concentrate on the recently entering south Indian market. Asian Development Bank, SIDBI, Oman India Joint Investment Fund, Belgian Investment Organization, SIDBI Venture Capital, DCB Bank, Oiko Credit, Women’s World Banking, and Bamboo Capital Partners are among the existing investors, according to the release.

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