India’s Aadhaar identification system laid the groundwork for broader access to financial and other services. Yet many rural communities remain excluded.
Delhi-based Save Microfinance’s network of 10,000 rural agents in 28 states connects unbanked individuals and micro-businesses to formal financial services. Its loans support agri- and informal businesses, consumer home-buying and education, and female borrowers (see, “Billions of low and middle-income consumers represent trillions in impact investment opportunities“).
Save raised $10 million from Belgian impact investor Incofin, following on $3 million from Danish private equity investor Maj Invest earlier this year.
Gender-smart exit
Separately, Ananya Finance for Inclusive Growth inked $13 million in equity financing from Japan-based Gojo & Company Inc., its largest shareholder.
Ananya is a micro-business lender that focuses on female customers in India. Roughly 98% of the Ahmedabad-based financial services firm’s borrowers are women.
The deal gives a full exit to impact investor C4D Partners.
Listed bonds
In Chennai, Switzerland-based BlueOrchard provided $10 million in debt to Dvara Kshetriya Gramin Financials to expand lending from its more than 400 rural branches, which serve more than 2.4 million borrowers in 10 states.
The firm raised the capital through bonds listed on the India International Exchange, a stock exchange based in the state of Gujarat.
