The Hindu Business Line : Ujjivan Financial gets funding from Bellwether

UJJIVAN Financial Services, a newly formed non-banking finance company with a focus on micro-finance institutions, has received Rs 70 lakh as equity from Bellwether Microfinance Fund. The fund is supported by Gray Ghost Microfinance Fund of the US and The Hivos-Triodos Fund, Netherlands.

The company plans to launch its operations in November with an initial equity capital of Rs 2.6 crore, of which Bellwether's would constitute 26 per cent. It also plans to have an equity of Rs 2.5 crore from overseas, later, to scale up its operations.

It would focus attention on the urban poor, with a pilot project in Bangalore covering 50,000 beneficiaries — both salaried and self-employed women, after obtaining a formal clearance from the Reserve Bank of India.

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