Frontier Fund Invests $4.5 Mn In Fusion Microfinance
Bangalore: The Norwegian Microfinance Initiative’s Frontier Fund (NMI) has made a R25 Cr ($4.5 Mn) Series B investment in Fusion Microfinance Private Limited. The fund is intended to increase their presence in the Northern and Central India region, reports DealCurry.
The NMI is an innovative strategic partnership between the Norwegian public and private sectors that will invest in microfinance institutions (MFIs) in developing countries and provide professional assistance and technical support for these institutions.
Fusion MFI was founded by Devesh Sachdev, Ashish Tewari and Ankur Singhal in 2010 and is headquartered in New Delhi. The MFI focuses on rural microfinance and operations in the less penetrated North Central part of India namely Uttar Pradesh, Madhya Pradesh, Uttarakhand and Delhi.
The main product of Fusion MPL is the Group Loan product based on Grameen-JLG model (joint liability group). In addition, the Company also supplements this Group Loan product with an individual lending model based on Small Ticket Vehicle Loans, which will help the company, diversify its revenue streams.
NMI’s mission is to contribute to the empowerment of poor people and to the creation of jobs, wealth, and economic and social sustainability in developing countries by investing in and supporting MFIs.
Incofin IM manages the following funds and facilities: Incofin CVSO (40 Mn euro), Impulse (46 Mn euro), Volksvermogen (10 Mn euro), VDK (75 Mn euro), Rural Impulse Fund I (30 Mn euro), Rural Impulse Fund II (120 Mn euro), BIO (10 Mn euro) and Fair trade Access Fund (20 Mn euro).
The total investment portfolio includes over 100 MFIs in more than 44 countries around the world. Incofin IM has a strong track record, having executed more than 566 transactions since 2003.