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Creation Investments leads $10m Grameen equity financing

5 Mar 2013

IndiaUS development finance firm Creation Investments has taken part in a $10m equity funding round for India’s Grameen Financial Services.

Existing investors Incofin and MicroVentures also took part in the round according to several news reports, which said the round came shortly after it received INR210m ($3.8m) of debt funding from Deutsche Bank’s Global Commercial Microfinance Consortium II.

Creation parted with INR375m in the latest round, with Incofin and MicroVentures providing the rest.

Grameen managing director Suresh Krishna said, “The newly infused funding will add to the growth of the company and help Grameen Koota achieve its target of reaching out to over one million poor and low income households.

“The capital will also strengthen our vision towards extending and expanding our loan operations to other neighbouring states.”

Grameen provides financing such as credit and insurance to India’s rural poor and low-income households, particularly women.

In January India-focused private equity investor Lok Capital reportedly co-led an INR200m equity financing round for credit and financial advice provider Suryoday Microfinance.

Lok was already an investor in the business – which was set up by a team of three former bankers – and has a portfolio of about $2.1m, according to local media reports.

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