Annapurna Finance bags $15mn from Proparco, closes funding round at $100mn

The Financial administrations organization would use the funding to expand the size of its credit book, make specialized speculations, widen its geographic reach, and advance its evenhanded of empowering monetary consideration at scale.

Bhubaneshwar-based monetary administrations organization, Annapurna Finance reported raising $15 million from Proparco in Series A2 subsidizing on Friday. With the new assets, the organization detailed the general size of the round to have expanded to $100 million.

This is Annapurna’s fourth capital raise in the beyond 15 months, following speculations of $30 million in March 2021 from Nuveen Global Impact Fund, $20 million in November 2021 from DEG, and $35 million in April 2022 from Encourage Capital, Accion, and current financial backer Oikocredit.

As indicated by reports, the organization would use the money to build the size of its credit book, make specialized speculations, widen its geographic reach, and advance its unbiased of empowering monetary incorporation at scale. It gives miniature credit advances, home redesign advances, and MSME credits to individuals and little undertakings with a container India rustic dissemination organization and a multi-item approach. Besides, the firm will likewise allegedly attempt to grow its tech stack with the guide of the assets brought up in request to give more powerful, robotized, and paperless monetary answers for its clients.

Remarking on the gathering pledges, the Managing Director at Annapurna Finance, Gobinda Chandra Pattanaik said, “We are excited to have our current obligation accomplice Proparco further help us and presently cooperate with us on the value side. Their faith in our capacity to empower monetary consideration the nation over and enable ladies has braced our obligation to building perhaps of India’s biggest monetary help organizations. We keep on putting vigorously in our tech abilities and activities to additional lift the monetary consideration goals of Annapurna throughout the following 10 years and endeavor to take it towards our bigger financial aspirations.”

Diane Jegam, Regional Director – South Asia at Proparco likewise remarked on the gathering pledges, by saying, “It gives us huge joy to back the originators, who have fastidiously, nicely and reliably fabricated Annapurna, with a solid yet deft plan of action that has zeroed in on making monetary administrations and items accessible to monetarily barred individuals particularly ladies in country areas of India. We are anticipating Annapurna’s thrilling excursion and have confidence in their capacity to develop beneficially while likewise making a huge effect. “

Annapurna Finance, which was laid out in 2009 by Gobinda Chandra Pattanaik and Dibyajyoti Pattanaik, has proactively arrived at the Rs. 6,500 crore AUM achievement, as per the organization discharge. The Financial administrations organization right now has more than 980 branches across 20 states in the country.

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