MokshaYug Access announces $2 Mn Funding

MokshaYug Access announces $2 Mn Funding

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Bangalore: MokshaYug Access (MYA), a rural infrastructure and services company announced its funding at $2 million ( 8.35 crores) from Unitus Equity Fund L.P. (UEF), a private equity fund that makes strategic investments in emerging microfinance institutions, Vinod Khosla, a leading venture capitalist and former General Partner at Kleiner Perkins and founder of Sun Microsystems, Harsha Moily, Founder and CEO of MYA, and other private investors. The equity investment will enable the company to build a supply chain and infrastructure for dairy farming and healthcare centers, continue to create key market linkages between the rural community and upstream players, strengthen its technological platform to gear the business for volume driven activities and expand MYA's microfinance arm.

Harsha Moily says, "MYA brings an innovative business model to a market that is the most challenging and vibrant. This requires us to build relationships with customers and partners and a team that thinks big, outside the box and has the discipline to execute. The proven record of our investors, Unitus Equity Fund and Vinod Khosla in building relationships, teams and businesses which faced a similar outlook as a start-up, would be of great value to us."

MYA's business is focused on developing an organized supply management platform supported by three main pillars - manpower, infrastructure and community participation- that can be used to increase efficiencies in the delivery of services such as dairy farming, livelihoods, healthcare and agribusiness to the rural households. MYA leverages on a franchising business model and microfinance network.

In the next year, MYA will concentrate in developing a franchise model around client-operated healthcare centers and dairy farming units, and rolling out to rural households. MYA will explore partnerships with healthcare service providers and dairy firms to roll out operations in these two verticals. Once a robust business model in dairy and healthcare is in place, MYA plans to rollout an entire range of verticals across rural India to reach one million households by 2010 and five million households by 2013.

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