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Grameen Koota raises Rs 53.20 cr in its third round of equity funding

Priya Nair/Mumbai 05 Mar 13 | 01:59 PM

Bangalore-based Grameen Financial Services Pvt Ltd. (GFSPL), popularly known as Grameen Koota today announced its third round of equity funding of Rs 53.20 crore from Creation Investments, Incofin and MicroVentures. Out of this Creation Investments has invested Rs 37.5 crore, said a press release.

The equity funding comes close at the heels of GFSPL receiving Rs 21 crores in debt funding through unsecured, redeemable, non-convertible debentures (NCDs) from Global Commercial Microfinance Consortium II B.V., Netherlands, a fund managed by Deutsche Bank.

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GFSPL has been working with poor and low-income households for the past 13 years and has provided these households with diverse financial and developmental services that cater to all life-cycle needs of its over 350,000 clients spread across three states of Karnataka, Maharashtra and Tamil Nadu.

Speaking on the new equity infusion, GFSPL Managing Director Suresh Krishna, said, “The newly infused funding will add to the growth of the company and help Grameen Koota achieve its target of reaching out to over 1 million poor and low income households.  The capital will also strengthen our vision towards extending and expanding our loan operations to other neighbouring states."

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