Grameen Koota, a division of Grameen Financial Services Pvt.Ltd., a Bangalore-based Microfinance Institution (MFI), announced that it has received over Rs 27.5 crores in a second round of funding.
The investment was made by MicroVentures Investments (Luxembourg), MicroVentures SPA (Italy), Incofin (Belgium) and Aavishkar Goodwell (India).
Grameen Koota, a Non-Banking Financial Company-Microfinance Institution, provides poor and low-income households with financial services. It also focuses on providing social development activities and services like education, health, sanitation, awareness on indoor air pollution etc.
Its almost 300,000 borrowers are serviced through 117 branches spread across Karnataka and Maharashtra.
Commenting on the round, Mr Suresh Krishna, Managing Director of Grameen Koota), was reported as saying: “The infused capital will spur the company’s growth and enable Grameen Koota to reach 5 lakh poor & low income households by the end of this financial year.
“Grameen Koota will also make use of this capital to expand operations into the neighbouring states of Andhra Pradesh, Tamil Nadu and Madhya Pradesh”, he said.