Tag: annapurna finance

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

Banking & Finance

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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.

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

Banking & Finance

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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.

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Northern Arc and CDC tie-up for pool bond issuance of Rs 320 cr to support six MFIs, BFSI News, ET BFSI

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UK’s Development financial institution, CDC Group has tied-up with Northern Arc to jointly structure a pooled bond issuance transaction by partial guarantee provided by Northern Arc.

CDC’s Rs 320 crore investment in a pool of senior secured NCDs will provide systemic liquidity to six leading microfinance companies: Annapurna Finance, Arohan Financial Services, ASA International, Asirvad Microfinance Limited, Chaitanya India and Fusion Microfinance.

The investment is expected to support MFIs in providing over 630,000 new micro-loans to low-income households.
Srini Nagarajan, Managing Director and Head of Asia at CDC, said: “This exciting partnership with Northern Arc marks CDC’s first Pooled Bond Issuance in India, and comes at a time when systemic liquidity is critically needed to mitigate the impact of COVID-19 on vulnerable population in India. We are pleased that our investment will facilitate access for small businesses and will especially ensure that more women in India have improved access to finance, helping to uplift their livelihoods, households and communities.

The PBI product, developed by Northern Arc, pools together for one investor a set of debentures issued by diverse entities. These debentures are partially guaranteed by Northern Arc. For this transaction, Northern Arc worked with CDC through a virtual due-diligence process that covered all six entities, and to structure a product that meets the risk and return requirements of the investor.

Dr Kshama Fernandes, Chief Executive Officer of Northern Arc Capital said: “Northern Arc’s forte has been to introduce impact sectors to investors through its innovative products and structures. CDC’s first investment in a Pooled Bond Issuance in the microfinance sector in India is testament to this. The structure has enabled originators to efficiently access a global DFI and avail long tenor debt on their balance sheet. We see this as a beginning of a long-term partnership that will enable our clients to raise capital through cycles.”



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Annapurna Finance mobilises $30 mn in equity from Nuveen Global Impact, BFSI News, ET BFSI

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Kolkata: Asian Development Bank-backed Annapurna Finance has mobilised $30 million in equity from US-based impact investor Nuveen Global Impact as the lender looks to grow its stake amid the bottom of the pyramid borrowers.

The Bhubaneswar-based micro lender had a gross loan portfolio of Rs 4466 crore as of December 2020, making it the country’s seventh largest NBFC-MFI.

“Nuveen’s expertise and funding will help us meet our expansion plans and we look forward to working with them to develop our climate initiatives,” Annapurna managing director Gobinda Chandra Pattnaik said.

Unitus Capital advised Annapurna in the deal.

Nuveen, the investment manager of Teachers Insurance and Annuity Association of America Fund (TIAA), invested nearly $500 million in direct and indirect private equity capital across over 200 portfolio companies in alignment with the United Nations Sustainable Development Goals. It manages over $5.8 billion in public and private markets impact investing strategies.

Annapurna has microfinance operations in 313 districts across 18 states serving 1.8 million clients — of which the majority is women. About 85% of Annapurna’s borrowers operate their businesses in rural areas.

Small Industries Development Bank of India, Oman India Joint Investment Fund, Belgian Investment Organization, SIDBI Venture Capital, DCB Bank, Oikocredit, Women’s World banking and Bamboo Capital Partners are existing investors in Annapurna.



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