IFMR Holdings has raised $25 million (Rs 162.5 crore) from Accion, Leapfrog and Lok Capital, it said on Thursday.
Accion brought in half of the amount while Leapfrog and Lok Capital chipped in with Rs 58.5 crore ($9 million) and Rs 22.7 crore ($3.5 million), respectively. Leapfrog and Lok Capital are existing investors in IFMR group firms.
IFMR Holdings is positioned as a financial inclusion platform and houses three businesses: IFMR Capital – a debt capital markets platform for 75 originators offering micro-loans, small business finance, affordable housing and commercial vehicles finance; IFMR Rural Finance – a technology licensor that developed the Kshetriya Gramin Financial Services (KGFS) model for remote rural markets; and IFMR Rural Channels – a credit, insurance and pensions provider to over 600,000 clients through 242 branches in rural areas.
Founded in 2008 and promoted by IFMR trust, previously it had raised private capital for IFMR Capital (Leapfrog) and IFMR Rural Channels (Tata Capital, Proparco, IFC, Lok Capital).
“This comes at an important inflection point for IFMR Holdings. Against the backdrop of a very favourable policy environment for financial inclusion, we are accelerating growth across all our businesses,” said Bindu Ananth, chairperson of IFMR Trust.