Microfinance platform Annapurna Finance has reportedly raised $15m in a Series A2 round, to improve access to loans.
The round was supplied by Proparco, which is the financing division of AgenceFrançaise de Développement Group, according to a report from LiveMint.
With the capital, the FinTech company hopes to grow its loan book, expand geographically, enhance its technology and bolster financial inclusion.
Based in India, Annapurna Finance aims to bring financial services to those that are typically missed by traditional financial institutions. Not only does it try to increase the reach of financial services, but it also hopes to provide financial and technical education.
Its services include group loans, MSME finance, housing finance, dairy development loans, home improvement lending, safe water and sanitation financial assistance, and much more.
Annapurna Finance managing director Gobinda Chandra Pattanaik told LiveMint, “We are thrilled to have our existing debt partner Proparco further support us and now partner with us on the equity side.
“Their belief in our ability to enable financial inclusion across the country and empower women has fortified our commitment to building one of India’s largest financial services companies. We continue to invest heavily in our tech capabilities and operations to further boost the financial inclusion objectives of Annapurna over the next decade and strive to take it towards our larger banking ambitions.”
With the close of the round, the company has raised a total of $100m in funding. It previously secured $30m in funding back in March 2021 and $20m in November 2021.
Earlier in the month, fellow Indian FinTech company FinBox scored $15m in its Series A round to support its Southeast Asia expansion. The company helps users find investments with the biggest upside through the stock screener tool.
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