Bhartiya Samruddhi Finance Limited (BSFL), an Indian Livelihood Promotion Institution with operations in 15 states, has received a INR 118 crore in an investment led by Matrix Partners India, which provided INR 100 crore.
Existing investors Hivos Triodos Fonds and Lok Capital also participated in the investment.
Promoted by the BASIX Group in 1997, BSFL serves over a million credit, two million insurance and half a million agri/business services customers.
As stated by Mr. Sajeev Viswanathan, Managing Director, BSFL, “This infusion of $26M capital provides BSFL a very strong balance sheet thereby positioning us to leverage scale and enhance operational efficiency. This will have a direct positive impact on the cost to our customer”.
The company currently has an outstanding loan book of over INR 1,000 crore.
In conjunction with the investment, Avnish Bajaj, Managing Director at Matrix India, will join the BSFL board of directors.