Log In

 

Company Name : Grameen Koota

Thursday, March 30, 2017 10:00AM IST (4:30AM GMT)

Grameen Koota Raises Rs.250 Crore from CreditAccess Asia


Grameen Koota, a Bangalore-based microfinance firm, has raised Rs.250 crore from its holding company, CreditAccess Asia (CAA), headquartered in Amsterdam, to support its growth


Bangalore, Karnataka, India

> <
  • GrameenGrameen Koota provides Income Generation Loans to support small business enterprises and income enhancement activities of women customers. (Photo by www.vikashkumarphotography.com for Grameen Koota)
 

Grameen Koota Financial Services Private Limited (Grameen Koota) has raised Rs.250 Cr. from its holding company, CreditAccess Asia (CAA), headquartered in Amsterdam, which is the leading multi-country Microfinance operator in India and South-East Asia. Part of the infusion, Rs.50 crore, will be provided in the form of equity and the remainder, Rs.200 crore will be provided in the form of Compulsory Convertible Debentures (CCDs).

The investment will support Grameen Koota in its planned expansion and portfolio growth, and its efforts in increasing financial inclusion, through its local operations, across the states of Karnataka, Maharashtra, Tamil Nadu, Madhya Pradesh and Chhattisgarh. Grameen Koota has recently initiated a new business line for Enterprise Loans (individual loans) for its graduated women borrowers to enhance their business.

We are quite excited with this fresh infusion of capital from CreditAccess Asia, who have always been very supportive. This infusion will significantly enhance our abilities to expand financial inclusion to more customers who have little or no access to formal source of credit”, said Mr. Udaya Kumar, Managing Director and Chief Executive Officer, Grameen Koota.

Chief Executive Officer of CAA, Paolo Brichetti said: We are very happy to provide Grameen Koota, our flagship operating company, the capital they need to enable them to further increase financial inclusion, within the unbanked sector of India, by offering fair and stable access to credit and other financial services. We are confident in the growth prospects of the company and we look forward to continue working with Udaya Kumar and the management team to drive Grameen Koota’s success in this sector.”

With an outstanding portfolio of Rs.3,065 crore and serving over 1.6 million customers, Grameen Koota has been given the top industry grading of ‘mfR1’ by CRISIL and its long-term BASEL and NCD ratings by ICRA is 'A'. It was also awarded top Microfinance India award in December 2015.

Smart Campaign’s re-certification for upholding client protection principles, social rating of ‘∑α’ by Mcril, code of conduct adherence rating of 'COCA 1' by SMERA and the MIX S.T.A.R. MFI recognition validate Grameen Koota’s commitment to social performance, pro-poor business as well as financial and social development goals.

About Grameen Koota

Headquartered in Bangalore, Grameen Koota Financial Services Private Limited (Grameen Koota) is currently operational in five states with 390 branches. Currently, its portfolio size is Rs.3065 Cr with a customer base of over 1.6 mn in the states of Karnataka, Maharashtra, Tamil Nadu, Madhya Pradesh and Chhattisgarh. Grameen Koota has been in micro-credit operations since 1999 and it is now 4th largest microfinance institution in India. Currently, Grameen Koota provides micro-credits to Joint Liability Groups formed exclusively of women belonging to poor and low-income households by providing them with its diverse financial and developmental services including products for Income Generation and access to Water, Sanitation, Education, Health Care, Home Improvement among others. Grameen Koota recently initiated individual loans for expanding business to the borrowers graduated from Joint Liability Groups.

More information on Grameen Koota can be found at www.grameenkoota.org

About CreditAccess Asia

CreditAccess Asia is an operator of credit institutions in India, Indonesia, and the Philippines, Grameen Koota being the largest institution. Today, its regional companies in Asia have a total portfolio of Rs.3,312 crore (US$496 million) with over 18 lakh clients. CreditAccess Asia companies employ approximately 7,840 people across the world.  CreditAccess Asia is committed to support the regional companies with capital to further extend its outreach to unbanked women entrepreneurs in Asia. The focus on the very attractive and fast-growing segment of micro-enterprises that do not have access to local banking services provides significant growth opportunities. 

More information on CreditAccess Asia N.V. can be found at www.creditaccess.com


Click here for Media Contact Details

Vikash Kumar, Communications, Grameen Koota, +91-9535186668, communications@gfspl.in

Michael Bosman, Head of Investor Relations & Communications, CreditAccess Asia, +31 6 229 32320, michael.bosman@creditaccess.com


More News from Grameen Koota

03/10/2016 9:30AM

Grameen Koota to Mark Breast Cancer Awareness Through 'Jagruti'

A special program on breast cancer and cervical cancer will be aired on Doordarshan Chandana from 3rd October till 7th October, 2016, sponsored by Grameen Koota’s Jagruti Initiative. The program will be aired ...

06/06/2016 11:00AM Image

Microfinance Firm Grameen Koota Lowers Interest Rates

Bangalore-based microfinance firm Grameen Koota Financial Services Pvt. Ltd. (Grameen Koota) has lowered its interest rates by 200 basis points (2 percentage points) for education, water and sanitation loans, as part of ...

09/12/2015 7:30PM Image

Grameen Koota Receives Microfinance Organization of the Year Award 2015

Bangalore-based Grameen Koota has been selected as the Microfinance Organization of the Year (Large) 2015, at the 7th edition of the Microfinance India Awards. The Union Minister of State for Finance, Mr. Jayant Sinha, ...

Similar News

25/04/2017 8:45PM

Wipro Limited Announces Results for the Quarter and Year Ended March 31, 2017 Under IFRS

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) today announced financial results under International Financial Reporting Standards (IFRS) for its fourth quarter and year ended March 31, 2017.

No Image

25/04/2017 7:22PM Image

Chennai Based Howdy Ventures Raises Rs. 10 crores in First Round Funding

Howdy Ventures Pvt. Ltd a company based out of Chennai has raised Rs. 10 crores on a 20 crore valuation. Mr. Britto of Kerry Indev Logistics has taken 50% equity in the company. HowdyDo! App was launched by Shri Jual ...

News Summary

Grameen Koota, a Bangalore-based microfinance firm, has raised Rs.250 crore from its holding company, CreditAccess Asia (CAA), headquartered in Amsterdam, to support its growth.