Welcome Guest

Businessex.Com
Home News Arohan Financial Services raises Rs 60 crore of equity from Tano Capital

Arohan Financial Services raises Rs 60 crore of equity from Tano Capital

Tags: Arohan Financial Services, Tano Capital, Franklin Templeton Investments, NBFC, Intellecap group

March 30, 2015 | COMMENTS ( 0 )

Arohan Financial Services raises Rs 60 crore of equity from Tano Capital

Arohan, an Intellecap group company has raised Rs 60 crore from a fund managed by Tano Capital, an alternate asset management firm founded in 2004 by Chuck Johnson, formerly Co-President of Franklin Templeton Investments and CEO of Templeton Worldwide.

Arohan is the second largest Kolkata based NBFC MFI in the country with close to Rs 400 crore assets under management across 104 branches spread over 38 districts of four states of West Bengal, Bihar, Jharkhand and Assam.

Piyush Goenka, Investment Director, Tano Capital, said, “Arohan is our first microfinance investment in India till date and given our demographics, believe that Financial Inclusion will be a big play in years to come. The Intellecap group has done pioneering work since 2007 in the sector and we are delighted to be working with them.”

Vineet Rai, Chairman, Intellecap, said, “The present government has clearly signalled utmost seriousness in achieving financial inclusion in India with initiatives like PMJDY, MUDRA and we as a group would be honoured to play our part. Our 3 NBFC’s – Arohan, IntelleCash & IntelleGrow today cover individual, tiny, micro, small & medium enterprises with loan sizes ranging from Rs 10k to Rs10 crore with a focus on low income states in central, east and NE parts of the country. We have applied to the RBI and see becoming a Small Finance Bank (SFB) as a logical next step in this journey.”

Intellecap group has recently also applied for the SFB (Small Finance Bank) licence and is very well aligned with the RBI focus on the financially underserved Central, Eastern, and North Eastern parts of the country, where socio-economic indicators and financial inclusion are the lowest, and which need more robust measures as far as removal of barriers to banking are concerned.

“We are delighted to get Tano on board as an investor in Arohan,” said Manoj Kumar Nambiar, MD, Arohan.

“The enhanced net worth will help us implement our growth plans in the 10 low income states starting with Odisha in Apr’15. We offer a wide product suite on the credit side, provide insurance and micro pension products to our clients and will soon start liability products as a BC of partner banks. We hope this equity infusion, along with our applying for a SFB license, shows our intent towards ensuring financial inclusion for the people in the states we operate in,” he added.

The MFI sector in India (over Rs.35, 000 crores of outstanding portfolio across 35 million clients) serves the underserved and the most financially excluded sections of the society. The common customer for the MFIs are often illiterate, poor, from a backward strata, yet are those who are looking to make a change in their lives by embarking on a journey of entrepreneurship. Financial exclusion is greatest in the Eastern, North Eastern and Central parts of the country.

“Arohan, which is the largest East based MFI to have applied as part of the Intellecap group application, and also has a focus on these very same regions, is a strong contender to become the next bank based out of Kolkata focusing on serving the under-served in the Eastern, North Eastern and Central parts of the country,” said the press statement.

The Intellecap group take on financial inclusion which encompasses both retail and enterprise is also a differentiator, as MSMEs provide employment to over 100 million people and creates over a million jobs each year but is estimated to have a credit lending gap of almost Rs 10 trillion.

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....