ESAF Microfinance and Investments Pvt Ltd (EMFIL), a Kerala-based non banking financial company (NBFC), has raised Rs 3 crore from Oikocredit International of Netherlands, which has picked up 10% stake in the firm.
The investment is made through Oikocredit’s fully owned Indian subsidiary Manaveeya Holdings and Investments, reports India PE. With this, the total equity capital base of EMFIL has crossed Rs 30 crore.
Earlier, the firm raised funding from Dia Vikas Capital, a social investor for the microfinance sector in India. Dia Vikas is a wholly owned subsidiary of global microfinance services provider Opportunity International Australia. It invested $2.6 million (around Rs 11.5 crore) in EMFIL in June 2009.
Besides equity, EMFIL has reportedly raised debt funding of another Rs 630 crore. It has so far invested about Rs 150 crore covering 2 lakh households, and plans to reach out to one million households by 2014. It has presence in 6 states across central and north India including Gujarat, Kerala, Maharastra and Chhattishgarh.
Apart from microloans, EMFIL also provides micro-insurance, health care, homes & infrastructure and retail services for the poor.
Oikocredit, on the other hand, has investments across 790 microfinance institutions, cooperatives and small and medium sized enterprises in over 70 countries. It portfolio companies serve a total of 17.5 million customers globally.