Proparco is the private sector financing arm of Agence Francaise de Development (AFD) and has been working to support development in developing and emerging countries for nearly 40 years.
Financial inclusion platform IFMR Holdings on Tuesday said it has raised Rs 12.5 crore in fresh funding from French development financial institution Proparco. In August 2015, IFMR Holdings had raised Rs 168 crore from Accion, LeapFrog Investments and Lok Capital's Fund II (Sarva Capital).
The current round of funding will be used to strengthen and support downstream companies, fuel the company's expansion plans and increase the range of financial products, IFMR Holdings said in a statement.
"IFMR Holdings and its group companies were set up with the objective of providing suitable financial solutions to financially underserved individuals and enterprises," IFMR Holdings CEO Sucharita Mukherjee said.
"Through constant innovation and effective use of technology, we can better understand customer needs and aspirations to deliver relevant financial products and services," she added.
IFMR Holdings, which clocked a revenue of Rs 213 crore in financial year 2015 (together with its group companies) said it has impacted over 17 million financially excluded individuals across the country in rural and urban areas.
Proparco is the private sector financing arm of Agence Francaise de Development (AFD) and has been working to support development in developing and emerging countries for nearly 40 years.
The companies operating under the IFMR Holdings umbrella include IFMR Capital, IFMR Rural Finance and IFMR Rural Channels. "With this investment, we confirm our commitment to financial inclusion in India. We believe the current managers and team of IFMR Holdings are perfectly equipped and motivated to drive the company to success," Proparco CEO Claude Priou said.
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