India: Fusion Microfinance raises funds from existing investors

Fusion Microfinance on Thursday said it raised Rs80 crore in the latest round of funding from existing investors Creation Investments, Oikocredit and GAWA Capital.

The funding will help Fusion Microfinance continue its growth momentum through network expansion, infrastructure capacity ramp up and growing the employee base of 3,000, the company said.

The microfinance company raised Rs162 crore in 2016 in its last round of funding led by Creation Investments, a US-based private equity firm.

Fusion has a gross loan portfolio of Rs1,400 crore with a strong presence in north and central India.

“We have been able to maintain a healthy growth rate and are bracing ourselves up for the next phase of expansion. This is reflected in our investors’ continued faith on Fusion and its potential,” said Devesh Sachdev, chief executive and founder of Fusion Microfinance.

“Demonetisation effects have almost phased out and we are looking at a promising growth phase in the coming year. We plan to increase our loan book by 60% to Rs2,400 crore in 2018-19,” he added.

The fresh funds will be instrumental in capitalizing on new opportunities and will help the company reinforce its infrastructure, including integration of the latest technology to bring down overall operational costs, Sachdev added. Fusion plans to hire around 1,000 employees in the next fiscal year.

The company recently raised Rs400 crore in debt from various financial institutions and plans to raise an equal amount as debt capital
in the next few months, it added.

Fusion Microfinance has a 100% women client base in rural and semi-urban areas.

The company was launched in early 2010 and over the courts of the past eight years, the firm has established a network of 358 branches in 14 Indian states—including Uttar Pradesh, Madhya Pradesh, Uttarakhand, Delhi, Haryana, Bihar, Jharkhand, Odisha, Punjab, Chhattisgarh and Maharashtra.

This article was first published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.