Annapurna Finance, an NBFC-MFI, has raised $109.5 mn through a syndicated social loan to expand financial services to underserved populations in India.
New Delhi, Dec 7 (PTI) Micro and SME lender Annapurna Finance has raised USD 109.5 million (around Rs 927 crore) through a multilateral syndicated social loan facility under the external commercial borrowing framework, a statement said on Saturday.
The funds have been raised from 10 known financial institutions from Southeast Asia, the Middle East, and Africa, the Odisha-based SME lender said in the statement.
The facility involves a green-show option to raise an additional USD 40 million (around Rs 338 crore), it added.
The funds will be used for on-lending to microfinance borrowers with a focus on rural women and underserved populations, the company said.
The initiative aims to expand access to financial services, enhance economic participation, and contribute to development in underbanked regions of India.
Standard Chartered Bank (SCB) arranged the loan facility.
Annapurna Finance, an NBFC-MFI, serves over 2.9 million borrowers across 21 states through over 1,500 branches in 424 districts.
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