Equitas Holdings, a microfinance institution (MFI) based in Chennai, India, raised INR 500 million (USD 9.26 million) from MicroVentures India and India Financial Inclusion Fund, two funds dedicated to supporting the Indian microfinance industry.
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MICROCAPITAL BRIEF: Grameen Koota of India Looks to Expand into Housing Microfinance
Grameen Koota, a India-based microfinance division of Grameen Financial Services Private Limited (GFSPL), plans to expand into housing microfinance in areas of rural India that have limited microfinance institution (MFI) penetration.
MICROCAPITAL BRIEF: Western Union, ICICI Bank, MasterCard Unveil Prepaid Card in India
Western Union, a US-based financial services and communications company; ICICI Bank, a commercial bank in India;and Mastercard, a global payments and technology company recently launched the Western Union- ICICI Bank Prepaid Card in India.
MICROCAPITAL BRIEF: Reserve Bank of India (RBI) Convenes Financial Inclusion Advisory Committee
The Reserve Bank of India, the country’s financial regulatory authority, recently announced the inauguration of a financial inclusion advisory committee (FIAC) under the chairmanship of the bank’s Deputy Governor K.C. Chakrabarty.
MICROCAPITAL BRIEF: International Finance Corporation (IFC) to Invest $18m in Equitas Microfinance India, Private Equity Funds Looking to Invest in Indian Microfinance Institutions
The International Finance Corporation, a member of the World Bank Group, reportedly has proposed investing INR 1 billion (USD 18.9 million) in Equitas Microfinance India, an Indian microfinance institution (MFI).
MICROFINANCE EVENT: Access Development Services Host Ninth Microfinance India Summit 2012, New Delhi, November 27 – November 28, 2012
Event Name: Ninth Microfinance India Summit 2012
Event Date: November 27- November 28, 2012
MICROCAPITAL BRIEF: LeapFrog Takes 15% Stake in Mahindra Insurance Brokers for $15m in Effort to Boost Impact in Rural India
LeapFrog Investments, a for-profit private equity fund that invests in microinsurance, recently made its second investment in India in the past year by taking a 15-percent equity stake in Mahindra Insurance Brokers Limited (MIBL), an Indian insurance brokerage firm dedicated to serving rural Indians.
MICROCAPITAL BRIEF: Intellecap’s IntelleCash Microfinance Network Purchases 56% Stake in Arohan Financial Services of India
IntelleCash Microfinance Network, a subsidiary of the India-based social-sector advisory firm Intellectual Capital Advisory Services (Intellecap), reportedly has purchased a 56-percent stake in Arohan Financial Services, an Indian microfinance institution (MFI), for INR 520 million (USD 10 million).
MICROCAPITAL BRIEF: India’s Insurance Regulatory and Development Authority May Require Insurers to Sign Up All Poor Families Within 5 Years
The Insurance Regulatory and Development Authority (IRDA), India’s insurance regulator, recently drafted a proposal intended to achieve complete outreach to families with incomes below the poverty line.
MICROCAPITAL BRIEF: SKS Microfinance of India Posts Portfolio Growth of 21% Outside Andhra Pradesh; Royal Bank of Scotland, Morgan Stanley Asia Purchase Stakes as Deutsche Securities Mauritius Cashes Out
Since India’s SKS Microfinance experienced average losses per quarter of INR 2 billion (USD 37.8 million) during the year ending March 2012, the Indian microlender has been able to borrow approximately INR 10 billion (USD 189 million) from banks.
MICROCAPITAL BRIEF: Sonata Finance of India Raises $6m in Equity from Creation Investments, Michael and Susan Dell Foundation, Individual Investors
Sonata Finance Private Limited, an Indian microfinance institution (MFI) that serves India’s northern states, recently announced that it has closed a Series D equity raise of INR 350 million (USD 6.71 million).
MICROFINANCE PUBLICATION ROUND-UP: Microfinance and Witch Hunts in India; Poverty Scorecard for Myanmar; Andhra Pradesh Clients Post-Microfinance Crisis
“Strategic Framing Work(s): How Microcredit Loans Facilitate Anti-Witch-Hunt Movements,” by Soma Chaudhuri and Anuradha Chakravarty; published by Mobilization; June 2012; 19 pages; available at: https://vaw.msu.edu/wp-content/uploads/2013/10/chaudhuri_2012_micro-credit.pdf
MICROCAPITAL BRIEF: India’s Ujjivan Raises $9m in Equity from International Finance Corporation (IFC), Netherlands Development Finance Company (FMO)
Ujjivan Financial Services, a microfinance institution (MFI) based in India, recently raised INR 450 million (USD 8.55 million) in equity capital from the International Finance Corporation (IFC), the private-investment arm of the World Bank Group.
MICROCAPITAL BRIEF: India’s Life Insurance Corporation, Mobile Operator Robi Axiata of Bangladesh Launch Microinsurance Offerings
Life Insurance Corporation (LIC), an insurance company owned by the Indian government, recently launched Jeevan Deep, its third microinsurance policy offering.
MICROCAPITAL BRIEF: Milaap, e27 to Launch Crowdfunded Entrepreneurship Fund for Microenterprise in India
Milaap, an online microlending platform with offices in Singapore and Bangalore, India, reportedly has partnered with e27, a Singapore-based media organization, to launch a crowdfunded entrepreneurship development fund with a target size of SGD 50,000 (USD 40,700).
MICROCAPITAL BRIEF: International Finance Corporation (IFC) Backs Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) of India
The International Finance Corporation (IFC), the private-investment arm of the World Bank Group, and the government-owned Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) of India, are developing a database of collateral used to secure loans.
MICROCAPITAL BRIEF: Citi Foundation Grants $180k to Parinaam Foundation of India to Provide Financial Literacy Training to Clients of Microfinance Institution Ujjivan
Citi Foundation, the charitable arm of the US-based financial provider Citigroup, reportedly has given a grant of INR 10 million (USD 180,000) to Parinaam Foundation, an Indian nonprofit organization, to deliver Parinaam’s Diksha Financial Literacy Program to approximately 31,000 microfinance clients.
MICROCAPITAL BRIEF: Bellwether Microfinance Fund, Michael & Susan Dell Foundation Sell Shares in Ujjivan of India to Lok Capital of Mauritius, Undisclosed Social Investor
Ujjivan, a microfinance institution (MFI) based in Bangalore, India, is currently experiencing a churn of investors.