DEG is a subsidiary of? KfW Group,
This is Annapurna’s second equity investment in as many years. Annapurna had raised $30 million in equity in March 2021 from the US-based Nuveen Global Impact Fund.
DEG investments will be channelized to further boost Annapurna’s financial inclusion objectives. Annapurna’s Managing Director Gobind Chandra Patnaik said, “DEG’s investment will further help us achieve our goal of providing easy credit access to the unserved rural population in the country.”
Bhubaneswar-headquartered Annapurna is the fifth largest NBFC-MFI in India with a gross loan portfolio of Rs 5,128 crore at the end of September.
“We would like to extend our support, knowledge and advice to a great institution like Annapurna, which is working towards the financial betterment of rural livelihoods in India,” said DEG Vice President Vladislav Solonov in a statement issued by Annapurna. on Thursday.