IFMR Holdings, an Indian financial inclusion platform, raised US$25m in equity funding.
Backers included Accion ($12.5m), LeapFrog Investments ($9m) and Lok Capital ($3.5m).
The company intends to use the funds to accelerate its footprint and product range in India.
IFMR Holdings already serves millions of financially excluded households and enterprises through three businesses:
– IFMR Capital – a debt capital markets platform for 75 originators offering micro-loans, small business finance, affordable housing and commercial vehicles finance, and reaching over 15 million financially excluded people;
– IFMR Rural Finance – a technology licensor that developed the Kshetriya Gramin Financial Services (KGFS) model for remote rural markets; and
– IFMR Rural Channels – a credit, insurance and pensions provider to over 600,000 clients through 242 branches in rural areas.
As at March 2015, IFMR Holdings and its group companies had reached over 15 million people in India, working through its own network and that of its partner originators.