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2013-03-05

Grameen Koota raises Rs 53.20 cr in third round of funding

Bangalore based Grameen Financial Services Pvt Ltd. (GFSPL), popularly known as Grameen Koota today announced its third round of equity funding of Rs 53.20 crores from Creation Investments (Rs 37.5 crores), Incofin and MicroVentures.

Bangalore based Grameen Financial Services Pvt Ltd. (GFSPL), popularly known as Grameen Koota today announced its third round of equity funding of Rs 53.20 crores from Creation Investments (Rs 37.5 crores), Incofin and MicroVentures.

GFSPL has been working with poor and low-income households for the past 13 years and has provided these households with diverse financial and developmental services that cater to all life-cycle needs of its over 3.5 lakh clients spread across three states of Karnataka, Maharashtra and Tamil Nadu. The equity funding comes close at the heels of the institution receiving Rs 21 crores in debt funding through unsecured, redeemable, non-convertible debentures (NCDs) from Global Commercial Microfinance Consortium II B.V., Netherlands, a fund managed by Deutsche Bank.

Speaking on the new equity infusion, GFSPL Managing Director Suresh Krishna said “The newly infused funding will add to the growth of the company and help Grameen Koota achieve its target of reaching out to over 10 lakh poor and low income households. The capital will also strengthen our vision towards extending and expanding our loan operations to other neighbouring states.”

GFSPL understands that micro-lending cannot happen in isolation and therefore has rigorously engaged in social development activities including entrepreneurial education, health, sanitation, etc.

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