Bengaluru: Mumbai-based financial inclusion platform IFMR Holdings, raises $25 million in a funding round led by Accion International (12.5 million), LeapFrog Investments ($9 million) and Lok Capital ($3.5 million). The company plans to expand its business operations & product reach across India to strengthen its financial inclusion work.
Speaking about the new funding, Sucharita Mukherjee, CEO, IFMR Holdings, quotes, "Our belief is that access to finance, supported by well-functioning markets, is critically important for low-income households. This exciting partnership with like-minded investors such as Accion, LeapFrog and Lok brings the benefit of international best practice and a wide range of global insights to this work in India”.
Michael Schlein, CEO & President, Accion, cites, “IFMR Holdings is a pioneer and leader in the world of financial inclusion. They are tackling some of the most important issues facing India today by reaching millions of financially excluded households and enterprises, especially in extremely rural areas not served by the banking system. As a result, more people are able to create and grow businesses, insure themselves and their families, and build better lives. We share their vision and are thrilled to be their partner”.
Established in 2008, IFMR Holdings was incorporated by IFMR Trust to carry forward its objective of financial inclusion. It currently operates business subsidiaries like IFMR Capital – a debt capital markets platform which offers micro-loans, small business financing, affordable housing loans and commercial vehicles finances – and IFMR Rural Finance – a technology licensor that has developed the Kshetriya Gramin Financial Services (KGFS) model for remote rural markets. As of March 2015, IFMR Holdings and its subsidiaries had reached over 15 million people in India, working through its own network and that of its partners.