Bhubaneswar-based non-banking finance company Annapurna Microfinance Pvt. Ltd has raised Rs 61 crore ($9.5 million) from Bamboo Capital Partners and existing investors.
Bamboo Capital injected fresh equity capital of Rs 32.4 crore while existing investors Belgian Investment Company for Developing Countries (BIO) and the Netherlands-based Oikocredit infused Rs 28.6 crore in equal amount, according to a press release.
The company will use the additional capital for expansion, including entering new states like Punjab and Haryana.
Annapurna Microfinance is promoted by People’s Forum, an entity registered as a society in Odisha, which has been working toward socio-economic development since 1990.
People’s Forum acquired Gwalior Finance and Leasing Company Pvt. Ltd in November 2009 and renamed it Annapurna Microfinance in February 2010.
In previous capital rounds, Annapurna has received equity supports from SIDBI IMEF, SIDBI Venture Capital Ltd, BIO, Incofin Investment Management, DCB Bank and Oikocredit.
Annapurna operates in 10 states and had gross loan portfolio Rs 1,236 crore as on March 2017. It mainly operates in Odisha and Chhattisgarh, and has been expanding its footprint into neighbouring states.
In October last year, the company said it is looking to raise fresh capital and provide exit to its early investors that have invested in the company in 2012 and 2014.
The same month, Incofin sold a majority of its stake to Women’s World Banking Capital Partners for Rs 50.5 crore.