Originally published: April 1, 2008,
Source: Grameen Koota
Grameen Koota, an Indian MFI, has received the first round of private equity investment from Aavishkaar Goodwell, the India-focused microfinance development company. Aavishkaar Goodwell has invested INR92 million (US$2.3 million) to take up a significant minority interest in Grameen Koota.
Aavishkaar Goodwell's India based team will work closely with Grameen Koota to help it transform into a national player. The MFI plans to reach out to over 2 million microfinance customers over the next 5 years. In October 2007, Grameen Koota successfully transformed from a not-for-profit trust into a Reserve Bank of India (RBI) regulated Non-Banking Financial Company (NBFC). In December 2007, it was placed at the 19th position in the Forbes list of 50 Top Microfinance Institutions globally.
For Aavishkaar Goodwell, this investment represents a significant step towards building a US$25 million balanced portfolio of smart capital investments in financial services for the poor in India.
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Related news: Indian MFI Share Microfin Ltd. Receives Largest Microfinance Equity Investment to Date (15 May 2007)
