Annapurna Finance raises $15mn from Proparco

Annapurna Finance on Friday said it has raised reserves worth $15 million from Proparco in Series A2 subsidizing round. Proparco is the confidential area funding arm of the French public element AgenceFrançaise de Développement Group (AFD Group).

Annapurna Finance raises $15mn from Proparco

With this raise money, the absolute subsidizing round size adds up to $100 million. This is the fourth capital raise by Annapurna over the most recent 15 months, subsequent to drawing in a USD 30 million venture from Nuveen Global Impact Fund in March 2021, USD 20 million from DEG in November 2021 and USD 35 million from Encourage Capital, Accion and existing financial backer Oikocredit.

The Bhubaneshwar-based organization said it will utilize the assets to develop its credit book, put resources into innovation, grow geologically and further its vision of empowering monetary consideration at scale.

"With a container India rustic circulation organization and a multi-item technique, it offers miniature credit advances, home improvement, and MSME advances to people and private companies. The raise support will assist Annapurna in fortifying its tech with stacking to get more effective, mechanized and paperless monetary items to the unbanked and underbanked," the organization said in its articulation.

Established in 2009 by Gobinda Chandra Pattanaik and Dibyajyoti Pattanaik, Annapurna professes to have crossed INR 6,500 crore in AUM. It is available in 20 states the nation over with more than 980 branches and is persistently extending.

"We are excited to have our current obligation accomplice Proparco further help us and presently cooperate with us on the value side. Their confidence in our capacity to empower monetary consideration the nation over and engage ladies has braced our obligation to building quite possibly of India's biggest monetary help organizations. We keep on putting vigorously in our tech abilities and activities to additional lift the monetary consideration targets of Annapurna throughout the following ten years and endeavor to take it towards our bigger financial desires," said Gobinda Chandra Pattanaik, overseeing chief, Annapurna Finance.

"It gives us gigantic delight to back the organizers, who have carefully, mindfully and reliably fabricated Annapurna, with a solid yet deft plan of action that has zeroed in on making monetary administrations and items accessible to monetarily prohibited individuals particularly ladies in rustic areas of India," said Diane Jegam, provincial chief - South Asia, Proparco.