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Bangalore based MFI Ujjivan raises Rs 100 crore fund

Tags: Ujjivan Financial Services, domestic mutual fund, non-convertible debentures, CX Partners Fund, NewQuest Asia, Microfinance

May 16, 2015 | COMMENTS ( 0 )

Bangalore based MFI Ujjivan raises Rs 100 crore fund

Ujjivan Financial Services, a Bangalore based microfinance institutions has raised Rs 100 crore ($15.5 million) from domestic mutual funds through listed and redeemable non-convertible debentures.

Recently in March, Ujjivan also raised Rs 600 crore from CX Partners Fund I Ltd, CDC Group Plc, NewQuest Asia Investments II Ltd and Bajaj Holdings and Investment Ltd.

Ujjivan has gross managed assets of about 3,038 crores as of January 31st, 2015. It was awarded by HSBC-Access as the Best Large Microfinance Institution in India in 2011. Ujjivan Financial Services Private Limited was founded in October 2005 and today it has a large network of 423 branches across the country in 21 states and 3 union territories. 

Samit Ghosh, founder and managing director, Ujjivan, said, “Ujjivan has raised debt from a vast pool of domestic mutual funds and this transaction is continuation in the journey to diversify our source of funding.”

Ghosh is a career banker with over 30 years specializing in retail banking. He was among leaders to launch retail banking in India with Citibank in 1985, Standard Chartered in 1993 and HDFC Bank in 1996.

Tarun Balram, MD and Head (capital financing) , HSBC India, said, “Such transactions present a diversification opportunity for both investors and the microfinance sector. Growing access to capital markets is also a testimony to the credit strength of Ujjivan.”

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