BASIX Sub-K raises ₹75 crore from Maj Invest

Our Bureau Hyderabad | Updated on October 09, 2019 Published on October 09, 2019

Fintech player BASIX Sub-K iTransactions Limited has raised Series C round of ₹75 crore (₹750 million) from Denmark-based Asset Management Company, Maj Invest.

Hyderabad-based Sub-K plans to utilise the funds for product innovation and strengthening the IT platform to make the company a preferred fintech as well as a distribution partner for banks and financial institutions.

“We will be able to continue to invest in innovations and increase our reach multi-fold, thanks to MajInvest who shares our vision of creating a world-class vehicle for catalysing inclusive growth, along with our existing investors, Michael & Susan Dell Foundation, Accion and Nordic Microfinance Initiative (NMI),” Sasidhar Thumuluri, Managing Director & CEO, BASIX Sub-K, said in a release.

“We are excited to work alongside the promoters, co-investors and management to continue providing top-class financial service while looking to create real social impact in the regions we serve,” David Paradiso, Managing Director and Partner, Maj Invest India said in a release.

Sub-K facilitates affordable financial services, including loans, savings, and payments to more than 3 million under-banked households and micro-enterprises across India on behalf of multiple banks as a business correspondent.

The Maj Invest group was established in May 2005 and provides financial advisory services to Danish and international institutional clients through Maj Invest Private Equity and Maj Invest Asset Management.

Published on October 09, 2019
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