IFMR seeks $82 million for financial inclusion funds
IFMR Investment Managers, based in Chennai, is looking to raise at least 550 crore rupees ($82 million) to drive financial services for India’s huge population of un- or underbanked citizens.
Two debt funds, a 10-year, 200 crore rupees ($29 million) fund and a five-year, 350 crore rupees ($53 million) fund, will invest in firms offering microfinance, agri-business finance, affordable housing finance and in mid-size companies.
IFMR will de-risk the funds for other investors by committing 10 percent of the capital itself as subordinated debt.
IMFR’s Vineet Sukumar said, “The underlying inclusive finance market is not very well understood by the mainstream investor community.”
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