Piramal Alternatives, the fund management division of the Piramal Group, made an investment of INR 600 crores (USD 75M) in Annapurna Finance Private Limited, an Odisha, India-based non-banking finance company focussed in microfinance.
The deal involved a combination of secondary purchase of shares and providing Tier – 2 capital. The strategic investment will drive the company’s AUM growth, support market expansion and reinforce its position as a player in the microfinance segment management.
Founded by Mr. Gobind Chandra Pattanaik and Mr Dibyajyoti Pattanaik in 2009, Annapurna is one of India’s leading microfinance institution with assets under management in excess of USD 1.25 Billion as on March 31, 2024. A pan India player with presence in 20 states, the company has also diversified into MSME financing. It has a network of 1,372 branches as on March 31, 2024.
The company also offers secured and unsecured MSME loans through a network of 200+ dedicated branches. It is backed by domestic and overseas investors such as Nuveen Global Impact, Oman India Joint Investment Fund and ADB amongst others.
FinSMEs
13/05/2024