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Bangalore based Grameen Koota gets $5.88 Million funding
By siliconindia
Bangalore: Bangalore based microfinance firm Grameen Koota has raised venture fundings of 
27.5 crore ($5.88 million) from Luxembourg's MicroVentures Investments, Italy's MicroVentures SPA, Belgium-based Incofin and existing investor Aavishkar Goodwell. Grameen Koota is part of Grameen Financial Services, an MFI with three lakh borrowers spread across Karnataka and Maharashtra, according to VC Circle.
Grameen Koota is targeting to expand its reach to 20 lakh households across 7 Indian states including Madhya Pradesh, Tamil Nadu and Andhra Pradesh by 2012. It's also looking to widen offerings to community services like education, health and sanitation. Grameen Koota currently has 117 branches in Karnataka and Maharashtra with over 1200 employees and an outstanding loan portfolio of 155 crore.
Incofin, a MFI focused fund manager, made its first investment in India earlier this year by picking up a stake in Asomi Finance. MicroVentures India provides debt finance to MFIs and has also recently started providing equity funding. Its investments in India include Chennai's Equitas Microfinance.
Grameen Koota also plans to invest in technology development. "We are one of the first in the world to use MIFOS, a open-source centralized MIS system that effectively monitors our borrowers and portfolio. The investment we have received now will help us make more strategic investments into technology, which will give us the strength to standardize our operations and bring down our back office costs" explains Suresh Krishna, Managing Director of Grameen Koota.
27.5 crore ($5.88 million) from Luxembourg's MicroVentures Investments, Italy's MicroVentures SPA, Belgium-based Incofin and existing investor Aavishkar Goodwell. Grameen Koota is part of Grameen Financial Services, an MFI with three lakh borrowers spread across Karnataka and Maharashtra, according to VC Circle.
Grameen Koota is targeting to expand its reach to 20 lakh households across 7 Indian states including Madhya Pradesh, Tamil Nadu and Andhra Pradesh by 2012. It's also looking to widen offerings to community services like education, health and sanitation. Grameen Koota currently has 117 branches in Karnataka and Maharashtra with over 1200 employees and an outstanding loan portfolio of 155 crore.
Incofin, a MFI focused fund manager, made its first investment in India earlier this year by picking up a stake in Asomi Finance. MicroVentures India provides debt finance to MFIs and has also recently started providing equity funding. Its investments in India include Chennai's Equitas Microfinance.
Grameen Koota also plans to invest in technology development. "We are one of the first in the world to use MIFOS, a open-source centralized MIS system that effectively monitors our borrowers and portfolio. The investment we have received now will help us make more strategic investments into technology, which will give us the strength to standardize our operations and bring down our back office costs" explains Suresh Krishna, Managing Director of Grameen Koota.
