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Sub-K raises Rs 75 Cr funding from Denmark's Maj Invest

Sub-K raises Rs 75 Cr funding from Denmark's Maj Invest

Sub-K raises Rs 75 Cr funding from Denmark's Maj Invest Hyderabad, Oct 9 (PTI): BASIX Sub-K iTransactions Limited, a city-based fintech company focused on financial inclusion, has raised Series C round of Rs 75 crore from Maj Invest, a Denmark-based asset management company, a press release from the company said on Wednesday. Sub-K plans to utilise the funds for product innovation and strengthening the IT platform that would position the company as a preferred fintech as well as distribution partner for banks and financial institutions, it said.

Sub-K facilitates affordable financial services, including loans, savings and payments to more than three million under-banked households and micro-enterprises across India on behalf of multiple banks as a business correspondent. BASIX Sub-K Managing Director and CEO Sasidhar Thumuluri said, "We will be able to continue to invest in innovations and increase our reach multi-fold, thanks to Maj Invest who shares our vision of creating a world class vehicle for catalysing inclusive growth, along with our existing investors, Michael & Susan Dell Foundation, Accion and Nordic Microfinance Initiative (NMI)." Maj Invest India Managing Director and Partner David Paradiso said, "We are highly impressed by what Sub-K has achieved so far in creating real value through an innovative business model. We are excited to work alongside the promoters, co-investors and management to continue providing top-class financial service while looking to create real social impact in the regions we serve." PTI GDK SS SS.

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



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