April - 2013 - issue > Venture Beat

Fusion Microfinance receives 20 Crores in Series B Funding

SI Team
Sunday, March 31, 2013
SI Team
New Delhi based Fusion Microfinance, raised Rs 20 crores in Series B funding. Norwegian Microfinance Initiative's Frontier Fund (NMI) has made the investments. Incofin-Rural Impulse Fund II also has participated in this round of investments.

Fusion Microfinance focuses on rural microfinance and operations in the less explored North Central part of India namely Uttar Pradesh, Madhya Pradesh, Uttarakhand and Delhi. Founded by Devesh Sachdev, Ashish Tewari and Ankur Singhal, the company’s main product is the Group Loan based on Grameen – JLG model. The company also supplements this product with an individual model, Small Ticket Vehicle Loans, which will help the company to diversify the revenue streams.

"This investment from NMI and our existing partner Incofin reflects their faith in our team, which has shown resilience in the most difficult phase of the Indian microfinance sector. We are rightly poised to increase our penetration and this investment will allow us to serve more number of poor households in North and Central India. We are happy to partner with like minded investors such as NMI and Incofin, who have a long term focus and are committed to double bottom line. This gives us a high level of confidence and comfort to grow in a more mature manner," says Devesh sachdev, CEO, Fusion Microfinance.

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