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IFC Picks 11 Percent in MFI Bandhan for 
135 Crore
By siliconindia
Kolkata: International Finance Corporation, the private investment arm of World Bank has bought into Bandhan Financial Services, a microfinance institution, for 
135 crore. It acquired close to 11 percent stake for 135 crore in Bandhan, provider of small-ticket loans to women in West Bengal and other states.
The fund will be utilized for Bandhan's business expansion and also help the micro lender reach out to an additional one million poor women. The current investment by IFC will boost the microfinance company's net worth close to 150 crore from 377 crore at the end of March 2011.
Bandhan was set up in 2001 under the leadership of Chandra Shekhar Ghosh to address the dual objective of poverty alleviation and women empowerment. The firm is also engaged in development work through its not for profit entity. It commenced microfinance operations in West Bengal in July 2002. In nine years it has spread over to 18 states and union territories with more focus on eastern and underdeveloped states of North East.
This is the single biggest exposure in the MFI space for IFC. The previous round of equity infusion was 50 crore funding from SIDBI in 2009. The current round of funding will help the firm to convert into a bank. Bandhan also has plan to muster 2,400 crore debt this fiscal year, which is 43 percent higher than what it raised in 2010-11.
135 crore. It acquired close to 11 percent stake for 135 crore in Bandhan, provider of small-ticket loans to women in West Bengal and other states.
The fund will be utilized for Bandhan's business expansion and also help the micro lender reach out to an additional one million poor women. The current investment by IFC will boost the microfinance company's net worth close to 150 crore from 377 crore at the end of March 2011.
Bandhan was set up in 2001 under the leadership of Chandra Shekhar Ghosh to address the dual objective of poverty alleviation and women empowerment. The firm is also engaged in development work through its not for profit entity. It commenced microfinance operations in West Bengal in July 2002. In nine years it has spread over to 18 states and union territories with more focus on eastern and underdeveloped states of North East.
This is the single biggest exposure in the MFI space for IFC. The previous round of equity infusion was 50 crore funding from SIDBI in 2009. The current round of funding will help the firm to convert into a bank. Bandhan also has plan to muster 2,400 crore debt this fiscal year, which is 43 percent higher than what it raised in 2010-11.
