Grameen Koota raises Rs.250 crore from CreditAccess Asia
New Delhi [India], Mar 30 (ANI-BusinessWireIndia): Grameen Koota Financial Services Private Limited (Grameen Koota) has raised Rs. 250 crore from its holding company, CreditAccess Asia (CAA), headquartered in Amsterdam, which is the leading multi-country Microfinance operator in India and South-East Asia. Part of the infusion, Rs.50 crore, will be provided in the form of equity and the remainder, Rs.200 crore will be provided in the form of Compulsory Convertible Debentures (CCDs).
The investment will support Grameen Koota in its planned expansion and portfolio growth, and its efforts in increasing financial inclusion, through its local operations, across the states of Karnataka, Maharashtra, Tamil Nadu, Madhya Pradesh and Chhattisgarh. Grameen Koota has recently initiated a new business line for Enterprise Loans (individual loans) for its graduated women borrowers to enhance their business.
"We are quite excited with this fresh infusion of capital from CreditAccess Asia, who have always been very supportive. This infusion will significantly enhance our abilities to expand financial inclusion to more customers who have little or no access to formal source of credit,' said Managing Director and Chief Executive Officer Grameen Koota, Udaya Kumar.
"We are very happy to provide Grameen Koota, our flagship operating company, the capital they need to enable them to further increase financial inclusion, within the unbanked sector of India, by offering fair and stable access to credit and other financial services. We are confident in the growth prospects of the company and we look forward to continue working with Udaya Kumar and the management team to drive Grameen Koota's success in this sector," said Chief Executive Officer of CAA, Paolo Brichetti.
With an outstanding portfolio of Rs.3,065 crore and serving over 1.6 million customers, Grameen Koota has been given the top industry grading of 'mfR1' by CRISIL and its long-term BASEL and NCD ratings by ICRA is 'A'. It was also awarded top Microfinance India award in December 2015.
Smart Campaign's re-certification for upholding client protection principles, social rating of '?a' by Mcril, code of conduct adherence rating of 'COCA 1' by SMERA and the MIX S.T.A.R. MFI recognition validate Grameen Koota's commitment to social performance, pro-poor business as well as financial and social development goals. (ANI-BusinessWireIndia)