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Karnataka, Kerala based MFs raise funds
By siliconindia
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12 Crore and 1.5 Crore respectively, reports VCCircle.
Kerala based EMFIL has raised the amount in its first fundraising by diluting a minority stake to Dia Vikas Capital, which is a 100 percent subsidiary of global microfinance services provider Opportunity International Australia.
Also in its first round of funding, Karnataka based Navachetna Microfin Services raised 1.5 crore from a group of individual investors and IT professionals. Sloka Capital was the advisor to both the firms in the transactions.
MFIL, which offers a host of services like credit, insurance, money transfer and micro-energy loan, is based out of Thrissur, Kerala.
The company has a borrower base of over 230,000 customers across 90 branches with cumulative disbursement of 401 crore. In April 2008, the company had transformed into a Reserve Bank of India (RBI) regulated Non-Banking Financial Company (NBFC).
Haveri based Navachetna Microfin Services has more than 25,000 members. The company mainly provides funds to individuals for starting income generating activities such as animal husbandry, livestock rearing, trading, retailing, agricultural production and transportation.
The companies aim to achieve a total of 100,000 members by 2010. Navachetna's microfinance program was started in April 2006 and the company achieved a break even in the second year of its operations. Navachetna too recently transformed itself into an NBFC.
Since the beginning of the year, Microfinance institutions have been raising funds. Last month, SKS Microfinance raised 75 crore by issuing one year NCD (non convertible debentures) at a coupon rate of 10 percent. It also listed its NCDs listed on the Bombay Stock Exchange (BSE).