Grameen Koota, an Indian microfinance institution, is seeking to raise INR 1 billion (USD 21 million) and is reportedly planning to close a deal in the next several months. The financing structure and investors have not been disclosed. Grameen Koota plans to use the funds to meet its credit requirements and also as capital for its planned microhousing subsidiary. According to a recent article, the company is waiting for a license from the National Housing Bank to commence operations for the new subsidiary, which will offer financial and technical support for home purchases.
Grameen Koota is planning to attain one million customers and a credit portfolio of INR 7 billion (USD 150 million) by the end of the fiscal year ending March 31, 2011 [1]. The company also plans to double its staff and add another 100 branches to its existing 150 branches this year. Grameen Koota reported a total loan portfolio of USD 33.3 million at December 31, 2009.
By Jennifer Shevock, Research Associate
About Grameen Koota:
Grameen Koota is a microfinance institution (MFI) based in Bangalore, India, that was founded in 1999. It is a division of Grameen Financial Services Private Limited and began its operation with funding from Grameen Trust, a non-governmental organization that supports microfinance globally through funding, training and technical assistance. As of December 12, 2009, Grameen Koota provides credit to low-income households through 117 branches in Karnataka and Maharashtra. It is one of the first MFIs in the world to use Mifos, an open source management information system that aids in the monitoring of borrowers and portfolios. Current financial information for Grameen Koota is not available.
Sources and Additional Resources:
[1] “Grameen Koota to raise Rs 100 cr” August 3, 2010.
http://www.thehindubusinessline.com/2010/08/04/stories/2010080452592100.htm
MICROCAPITAL BRIEF: “Oikocredit Invests $6.8m in Local-currency Loans in Three Indian Microfinance Institutions” June 18, 2010. https://www.microcapital.org/microcapital-brief-oikocredit-invests-6-8m-in-local-currency-loans-in-three-indian-microfinance-institutions/
MICROCAPITAL BRIEF: “Indian Microfinance Institution Grameen Koota Raises $4.2m from MicroVest Purchase of Non-convertible Debentures (NCDs)” January 22, 2010.
https://www.microcapital.org/microcapital-brief-indian-microfinance-institution-grameen-koota-raises-42m-from-microvest-purchase-of-non-convertible-debentures-ncds/
MICROCAPITAL BRIEF: “Grameen Koota, India-Based Microfinance Institution (MFI), Receives Rs 27.5 Crore ($5.88m) in Equity Capital” December 14, 2009.
https://www.microcapital.org/microcapital-brief-grameen-koota-india-based-microfinance-institution-mfi-receives-rs-275-crore-588m-in-equity-capital/
MicroCapital Universe: Grameen Koota: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Grameen+Koota
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