VCCircle

I had missed this story. Silicon Valley venture capitalist Vinod Khosla and the Grameen Foundation USA will make equity investments of $250,000 each in CASHPOR Financial and Technical Services, an Indian microfinance institution. The investment is for providing microfinance loans in Uttar Pradesh and Bihar where CASHPOR has been the lone MFI. "I am happy to invest in CASHPOR...as it is providing microfinance to the poor, and is the only MFI working in eastern U.P. and Bihar," Khosla said in a statement.

Founded in 1996, CASHPOR currently serves over 87,000 poor people in 7,000 rural villages in six districts of eastern Uttar Pradesh (Mirzapur, Chandauli, Ghazipur, Ballia, Mau and Deoria) and three across the border in Bihar (Buxar, Bhabua and Saran). (Via The Economic Times)