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Hyderabad, Nov. 10

SKS Microfinance Pvt Ltd has raised Rs 366 crore ($75 million) equity funding from Boston-based Sandstone Capital and some existing investors to invest in expansion of operations. Sandstone led the investment with $51.25 million and was joined by Kismet Capital and SVB India Capital Partners, Mr Paresh Patel, Founder and Managing Partner of Sandstone Capital told newspersons here on Monday. “We are not looking to exit immediately from SKS and wish to help the company grow further,” he said. Mr Vikram Akula, Founder and Chief Executive Officer of SKS Microfinance, said the funding would be utilised in expanding the membership of the Hyderabad-based company from existing 3.3 million to eight million in next two years. The total equity of SKS is at Rs 650 crore and the share of Sandstone cannot be disclosed, he added. –

Our Bureau

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