Annapurna Finance Raises Rs 155 cr to Expand Microfinance Portfolio
Annapurna Finance said it has raised Rs 155 crore from Oman India Joint Investment Fund II in its latest round of funding which will be used to expand its microfinance portfolio along with other asset classes like SME and housing finance.
The investment is a part of Oman India Joint Investment Fund II (OIJIF II) commitment to invest in total Rs 200 crore in Annapurna Finance over a period of time, the Bhubaneshwar-headquartered company said in a release.
OIJIF is a mid-market private equity firm, co-sponsored by SBI and State General Reserve Fund of Oman (SGRF).
Annapurna is the second investment from OIJIF II and the first investment in the microfinance space, the release said.
“We are now committed to expand our offerings to our borrowers by venturing in new asset classes like SME and housing finance, said Gobinda Chandra Pattanaik, MD and CEO of Annapurna Finance.
Annapurna, a NBFC-MFI, has a portfolio of over Rs 2,000 crore, serving more than 1.2 million borrowers through a network of more than 400 branches across 14 states.