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PTI mumbai India
Updated: 04-12-2018 16:51 IST

Fusion Microfinance Tuesday said

it has raised Rs 520 crore in a series E investment round from

global private equity (PE) firm, Warburg Pincus.

The investment round includes both a primary fund

raise and a secondary sale by early-stage investors, the

company said in a release.

Creation Investment, an existing investor, also

participated in this round.

Early investors, Incofin, NMI ,BIO and Sidbi have

made a successful exit, the release said.

This fund raise follows an internal round that the

microfinancier completed in February 2018.

"This investment would support our endeavour to

develop into one of the countrys most preferred companies in

the financial inclusion space," it said.

The company also intends to selectively evaluate

potential acquisition opportunities and lead the potential

consolidation in the industry, the statement said.

This also marks Warburg Pincus's first investment in

the microfinance sector in the country.

Fusion Microfinance is a rural MFI with a pan-India

presence through 500 branches across about 200 under-developed

districts in 18 states of the country. It has cumulatively

disbursed over Rs 5,000 crore having started in early 2010. It

has an outstanding portfolio of Rs 2,050 crore, as at

September 30, 2018, PTI HV DSK


(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)