industry

Annapurna Finance raises $20 million equity from German DEG


Microfinance lender Annapurna Finance raised $20 million in equity from German development finance institution DEG. The investment is about Rs 150 crore in local currency.

DEG is a subsidiary of KfW Group.

This is Annapurna’s second equity infusion in as many years. Annapurna had raised $30 million equity from US-based Nuveen Global Impact Fund in March 2021.

DEG investment would be channelized to further boost the financial inclusion objectives of Annapurna. “DEG’s investment would only help us further, to meet our goal to provide easy credit access to unserved rural populations in the country,” Annapurna’s managing director Gobinda Chandra Pattnaik said.

Bhubaneswar-headquartered Annapurna is India’s fifth largest NBFC-MFI with a gross loan portfolio of Rs 5,128 crore at the end of September.

“We would be keen to provide our support, knowledge and advice to a great institution like Annapurna which is working towards financial betterment of rural livelihoods in India,” Wladislaw Solounov, vice president at DEG, was quoted as saying in a statement issued by Annapurna on Thursday.



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