Annapurna Finance, a microfinance lender located in Odisha, has raised 260 crores ($35 million) from a group of investors to boost its digital transformation and green lending initiatives.
According to the company, the $35 million investment from Encourage Capital, Accion, and previous investor Oikocredit, is the company’s third fundraising in 2021.
According to Annapurna Finance, this year’s overall fundraising has reached $85 million, following a $30 million investment from Nuveen Global Impact Fund in March and a $20 million investment from DEG in November.
Individuals and small enterprises can apply for micro-credit loans, home improvement loans, and MSME loans through the MFI lender’s pan-India rural distribution network. The company is expanding its green finance offerings and progressing its digital transformation journey as part of its more enormous ambition.
“Annapurna Finance is working towards transforming itself into a fully digital financial services entity with the help of Accion’s investment and advisory services. This focus on digital strategy will further boost the financial inclusion objectives of Annapurna.”Annapurna Finance
ADB, MUDRA, Oman India Joint Investment Fund, Belgian Investment Company (BIO), SIDBI Venture Capital, DCB Bank, Women’s World Banking, Nuveen Global Impact Fund India, DEG, and Bamboo Capital Partners are among the company’s other investors.