India: IFMR Holdings raises $1.9m from France-based Proparco

Financial inclusion platform IFMR Holdings has raised Rs 12.5 crore ($1.9 million) from French development financial institution Proparco, the company said in a statement.

It will use the money to strengthen and support downstream companies, expansion plans and increase the range of financial products.

IFMR Holdings integrates a ‘brick and mortar’ financial institution offering to rural clients a diversified range of products, a financing platform committed to financial inclusion, and a financial products design entity, according to Claude Périou, CEO of Proparco.

Chennai-based IFMR Holdings operates through three businesses: IFMR Rural Channels and Services (IRCS) which is a financial services provider operating through a network of branches in remote rural India. It provides services to over 600,000 clients through 237 branches across Tamil Nadu, Orissa and Uttrakhand.

IFMR Capital facilitates debt capital for financial institutions that lend to financially excluded households and enterprises. It has facilitated more than Rs 20,000 crore of financing to sectors such as microfinance, affordable housing finance and small business loans.

IFMR Rural Finance designs and supports delivery of financial services.

Last year in August, IFMR had raised $25 million from Accion, LeapFrog Investments and Lok Capital.

Early this year, IFMR announced to raise $37 million debt fund to invest in businesses that target consumers at the bottom half of the pyramid, such as firms that finance affordable housing or agri-business.

Founded in 1977, Proparco is a PE firm which provides growth capital to companies in emerging and developing countries.

Also Read:

India: IFMR on road to raise $38m debt fund for investing in bottom of pyramid markets
India: ADB to lend $200m in green energy space, partners IFMR Capital to finance MFIs

Singapore Reporter/s

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

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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.