The Michael and Susan Dell Foundation, a US-based nonprofit, has taken an equity stake in BASIX Sub-K iTransactions Limited, the mobile payments unit of BASIX Group, an Indian entity providing services to poor people including microfinance, health insurance and agricultural and business development services [1].
While the size of the investment has not been disclosed, the funds are expected to be sufficient to allow Sub-K to enroll approximately 2 million clients and to attract further funding for the organization’s next phase of development [1]. Sub-K reaches clients through a network of kiosks run by local agents [2]. While details on Sub-K are not available, BASIX Group reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 207 million, a gross loan portfolio of USD 197 million, approximately 1.32 million active borrowers and operations in 16 Indian states and 6 other countries as of September 2011.
By Natalie Baer, Research Associate
About BASIX Group: BASIX Group is an Indian entity whose institutional members provide poor people with services including microfinance, mobile payments, health insurance and agricultural and business development services. BASIX Group operates through a holding company, Bhartiya Samruddhi Investments and Consulting Services Limited (BASICS). BASIX Group’s microfinance activities are carried out by two microfinance institutions (MFIs): Bhartiya Samruddhi Finance Limited (BSFL), a non-banking finance company (NBFC), and Krishna Bhima Samruddhi Local Area Bank Limited (KBSLAB), a rural bank. BASIX Group also promotes BASIX Academy for Building Lifelong Employability Limited, BASIX Consulting and Training Services Limited, BASIX Krishi Samruddhi Limited, BASIX Sub-K iTransactions Limited and Ctran Consulting Limited. As of September 2011, BASIX Group reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 207 million, a gross loan portfolio of USD 197 million, approximately 1.32 million active borrowers and operations in 16 Indian states and 6 other countries.
About the Michael and Susan Dell Foundation: The US-based nonprofit Michael & Susan Dell Foundation was established in 1999 to provide grants to organizations that focus on education, childhood health and family economic stability. The foundation has committed approximately USD 700 million to nonprofit organizations working in communities in the United States, South Africa and India. As of 2010, the foundation reported total assets of USD 906 million.
Sources and Resources:
[1] Techcircle.in news article, “Exclusive: Michael & Susan Dell Foundation Invests In Mobile Payments Platform BASIX Sub-K” http://techcircle.vccircle.com/500/exclusive-michael-susan-dell-foundation-invests-in-mobile-payments-platform-basix-sub-k/
[2] Sub-K, About us, http://subk.co.in/about-sub-k
MicroCapital’s Microfinance Universe Profile: BASIX Group
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=BASIX+Group
MicroCapital’s Microfinance Universe Profile: Michael and Susan Dell Foundation
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Michael+and+Susan+Dell+Foundation
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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