IndiaSphere

Looking at the amount of money MFI’s (microfinance institutions) are raising even in the current downturn, it indeed appears that the economy of poor is decoupled from the financial crisis. Ujjivan Financial Services, the Bangalore-based microfinance institution focusing on the urban and semi-urban poor, has raised Rs 94crore as its fourth round of funding. Originally planned for Rs 75 crore, the equity round was oversubscribed.
Unitus Equity Fund (UEF) managed by Elevar Equity, Bellwether Microfinance Fund, Michael & Susan Dell Foundation, A W Holdings and individual investors including promoter & CEO Samit Ghosh continued to remain invested. The five new investors in this private placement transaction are  Sequoia Capital, Lok Capital, Unitus Equity Fund II, India Financial Inclusion Fund and SIDBI.This will increase Ujjivan’s paid up capital and reserves to over Rs 108 crore, thereby making it the  fourth highest capitalised microfinance institution in India. The capital ... [Follow Original Article link for full content.]