Money & Banking

Annapurna Finance announces equity infusion of $20 million from Germany-based DEG

Our Bureau Mumbai | Updated on November 25, 2021

Microlender will use the investment by the development finance institution to boost its financial inclusion objectives

Odisha-based Annapurna Finance on Thursday announced equity infusion of $20 million (about ₹150 crore) from DEG, a Germany-based development finance institution.

The investment by DEG would be used to further boost financial inclusion objectives, thereby increasing the number of women borrowers in rural India, the microlender said in a statement.

In March 2021, Annapurna Finance had raised $30 million (capital investment) from Nuveen Global Impact Fund, per the statement.

Also see: RBI tweak will lead to more NPAs for non-banking lenders: ICRA

Gobinda Chandra Pattanaik, Managing Director, Annapurna Finance, said, “DEG’s investment would only help us further, to meet our goal to provide easy credit access to unserved rural population in the country.”

Annapurna Finance had a gross loan portfolio of ₹5,128 crores as on September-end 2021, and its microfinance operations are widespread in 336 districts across 19 States, the NBFC-MFI (non-banking finance company–microfinance institution) said in a statement.

Published on November 25, 2021

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