Empowering Rural Communities: Annapurna Finance Raises $109.5 Million

Annapurna Finance has secured $109.5 million through a syndicated social loan facility to empower microfinance borrowers, particularly rural women and underserved populations in India. The funding, arranged by Standard Chartered Bank, involves 10 financial institutions and aims to enhance economic participation and development.

Annapurna Finance, a prominent micro and SME lending institution, has successfully raised USD 109.5 million through a multilateral syndicated social loan facility. The funds were sourced from 10 reputable financial institutions spanning Southeast Asia, the Middle East, and Africa.

The Odisha-based lender announced this significant milestone with an option to secure an additional USD 40 million. The capital aims to bolster lending efforts towards microfinance borrowers, with an emphasis on supporting rural women and underserved groups in India.

This initiative is designed to widen financial access and prompt heightened economic engagement in India's underbanked regions. Standard Chartered Bank played a key role in arranging the loan facility for Annapurna Finance, which currently serves a vast network of over 2.9 million borrowers through 1,500 branches across 424 districts in 21 states.

(With inputs from agencies.)