Shiram Credit Co. Ltd., a Chennai, India-based firm that offers savings, insurance and investment products to underserved customers, has received a $15m equity financing.
The investment was made by $135m social fund LeapFrog Investments, the social fund led by
Jim Roth, which invests in companies providing insurance products and inclusive financial services in Africa and Asia.
According to reports, the proceeds will help Shiram Credit Co. to expand its branch network and grow within a year to serve people living on less than $2.50 a day.
Shiram Credit Co. is the financial services distribution arm of Shriram Capital, the holding company for the Financial Services and Insurance entities of the Shriram Group.