India: IFC to provide up to $20m debt to RGVN Microfinance

IFC (International Finance Corporation), a member of the World Bank Group, will provide up to $20 million to RGVN (North East) Microfinance Ltd in the form of a senior debt investment, according to an IFC disclosure.

Guwahati-headquartered RGVN is an RBI-registered NBFC which facilitates loans to health, education and livelihood sectors in the North Eastern region.

The company has Rs 6.1 billion ($89 million) assets under management across six North-Eastern states including Sikkim, Meghalaya, Tripura, Nagaland, Assam and northern part of West Bengal, and operates through 133 branches.

IFC’s investment will help the NBFC to expand its presence and loan offerings in India’s north-eastern states catering to the unbanked sections of the population.

Rashtriya Gramin Vikas Nidhi (RGVN) is one of the 10 applicants that received Small Finance Bank license from Reserve Bank of India in mid-September 2015.

Currently Dia Vikas Capital, the Indian arm of an Australian impact investing firm, holds the largest stake in the company with 19.36 per cent followed by Norwegian microfinance fund NMI with 15.59 per cent and Oiko Credit, a Dutch investment firm with 12.89 per cent stake.

RGVN had recently raised fresh capital from new investors like SIDBI Trustee Company Ltd (14.40 per cent), RNT Associates Pvt Ltd (10.2 per cent), Ratan Tata’s investment and Pi Ventures LLC (7.20 per cent), SIDBI (8.4%), NEDFi (5.04%) and ESOP Trust (1.68%).

IFC, which has been actively investing in Indian companies, has also invested in other MFIs like Grameen Koota Financial Services Pvt Ltd, Equitas, Satin Creditcare Network and Swadhaar FinServe besides sector-focused fund managers like Aavishkaar and Lok Capital.

Most recently, IFC committed $3 million investment to pi Ventures, an early-stage venture capital firm, which recently marked first close of its maiden fund. Prior to that, it proposed an investment of up to $25 million in global private equity manager Carlyle Group LP’s fifth Asia growth fund.

Also Read:

India: RGVN Microfinance reduces foreign stake to 48% to comply with RBI norms
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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. 
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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.