Fusion Microfinance, a Non-Banking Financial Company based out of New Delhi recently raised $73.76 million (Rs.520 crore) in its Series E round of investments. The investment round was led by Warburg Pincus, with the private equity firm acquiring a minority stake in the NBFC.
This investment marks the first time Warburg Pincus has invested in the microfinance sector of the country. The round also saw Creation Investment participate in it.
Early investors such as NMI, BIO, SIDBI, and Incofin chose the exit route.
Fusion Microfinance had completed an internal round in February this year, with this amount to be used to expand its capital base.
The NBFC, which was established in the year 2010 focuses primarily on providing financial services to female entrepreneurs from the socially and economically backward sections of the society. The company has around 1.3 million customers across 18 states, with its outstanding portfolio as of September 30 being Rs.2,050 crore.
Sources: Financial Express