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Venture Capital | 8 April 2015

SIDBI Venture Invests In Annapurna Microfinance

by Puja Chaurasiya
SIDBI Venture Invests In Annapurna Microfinance
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SIDBI VC's Samridhi Fund has invested R25 Cr in Bhubaneshwar based NBFC MFI, Annapurna Microfinance, to finance the latter’s expansion into newer geographies.

Previously in 2012, SIDBI had invested R3 Cr.

Annapurna Microfinance Pvt. Ltd (AMPL) is a central-eastern focussed microfinance venture promoted by people’s Forum with an AUM of R400 Cr spread across 115 branches and 65 districts of Odisha, Chhattisgarh, Jharkhand, Maharashtra and Madhya Pradesh. Annapurna Microfinance offers financial and technical support to strengthen entrepreneurial skills of the base of pyramid population.

Annapurna Microfinance raised $5 Mn in Series B funding led by Belgian Investment Company for Developing Countries (BIO) along with participation from existing investor Incofin IM’s Rural Impulse Fund II (invested R13Cr in mid of 2012), last year.

The Samridhi Fund was launched as a private sector development programme by Department for International Development (DFID) in partnership with Small Industries Development Bank of India (SIDBI) to provide capital to social enterprises in Bihar, Uttar Pradesh, Madhya Pradesh, Orissa, Chattisgarh, Jharkhand, Rajasthan and West Bengal.

It has made investments in companies like Rite Waiter, Kanungo Institute of Diabetes Specialities (KIDS), Shikhar Dairy and Gramco Infratech.

Other Deals In This Space:

  • US based Tano Capital invested R60 Cr in micro finance company, Arohan Financial Services for a 30% stake.
  • Microfinance institution, Ujjivan Financial Services Private Ltd, raised R600 Cr from from CX Partners Fund I Limited, CDC Group Plc, NewQuest Asia Investments II Ltd and Bajaj Holdings. Existing investors IFC and Elevar Equity Mauritius had also participated in this deal.

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