BASIX Sub-K iTransactions Ltd, a financial technology company, said on Wednesday it has raised Rs 75 crore ($10.57 million) in its Series C funding round from Denmark-based asset management firm Maj Invest.
Sasidhar Thumuluri, managing director and chief executive officer at BASIX Sub-K, said the funds will be used for business expansion across partners and geographies, and will help the company to build its tech stack.
The Hyderabad-based company, a subsidiary under BASIX Social Enterprise Group, started its operations in 2010, with an aim to provide tech-enabled transactional platform to the unbanked population. The firm offers affordable financial services including loans, savings, and payments to more than 3 million under-banked households and micro-enterprises across India.
BASIX Sub-K raised its first external funding from Michael & Susan Dell Foundation in 2012. Last year, it raised Rs 35 crore from global impact investment firm Accion and Nordic Microfinance Initiative (NMI).
David Paradiso, managing director and partner at Maj Invest India, said the company is highly impressed by the achievements of Sub-K in creating real value through an innovative business model.
The Maj Invest group was established in May 2005 and provides financial advisory services to Danish and international institutional clients through Maj Invest Private Equity and Maj Invest Asset Management. The firm has its office in Copenhagen, with local offices in London, Lima and Mumbai.
In one of the biggest funding rounds for a fintech venture this year, FreeCharge founder Kunal Shah’s Cred raised $120 million (Rs 862 crore) in August.
Other fintech firms including BharatPe, Open, NiYO Solutions, INDwealth, OfBusiness, OkCredit and Razorpay also raised significant venture capital money in the past months.