Get All Access for $5/mo

Annapurna Finance Raises $15 Million In Series A2 Funding The funds will be used to grow the loan book, invest in technology, expand geographically and further the vision of enabling financial inclusion at scale

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company handout

Annapurna Finance, a NBFC-MFI, has raised funds worth $15 million in Series A2 from Proparco. With the fresh funds, the total valuation amounts to $100 million. As per company statement, this is the fourth capital raise by Annapurna in the last 15 months. Annapurna will use the funds to grow its loan book, invest in technology, expand geographically and further its vision of enabling financial inclusion at scale. It will also help Annapurna in strengthening its tech stack to bring in more efficient, automated and paperless financial products to the unbanked and underbanked.

"We are thrilled to have our existing debt partner Proparco further support us and now partner us with on the equity side. Their belief in our ability to enable financial inclusion across the country and empower women has fortified our commitment to build a large financial service company. We continue to invest heavily in our tech capabilities and operations to further boost the financial inclusion objectives of Annapurna over the next decade and strive to take it towards our banking larger banking ambitions," said Gobinda Chandra Pattanaik, managing director, Annapurna Finance.

Annapurna has crossed the INR 6500 crore AUM milestone. It has a presence across 20 states across the country with over 980 branches and is continuously expanding while utilizing and building on its internal domain knowledge and its processes perfected since its inception, the company claimed in a statement.

"It gives us immense pleasure to back the founders, who have meticulously, thoughtfully and consistently built Annapurna, with a strong yet nimble business model that has focused on making financial services and products available to financially excluded people especially women in rural areas of India. We are looking forward to Annapurna's exciting journey and believe in their ability to grow profitably while also creating significant impact," said Diane Jegam, regional director-South Asia, Proparco.

Founded in 2009 by Gobinda Chandra Pattanaik and Dibyajyoti Pattanaik, Annapurna offers micro-credit loans, home improvement and MSME loans to individuals and small businesses.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Marketing

5 SEO Hacks to Help You Rank Fast

Discover the best SEO hacks you can use to rank fast and avoid waiting for months to see results.

Leadership

How His Personal Battle With Cancer Inspired This Founder's Solution for Patient Care

On this episode of "The Founder CEO," Michael O'Neil, founder and CEO of GetWellNetwork, discusses his inspiring journey as a leader and the transformative role of AI in healthcare.

Growing a Business

How Visionary Leaders Transform Curiosity Into Groundbreaking Ideas

Lee Brian Schrager, founder of the South Beach Wine & Food Festival, discusses the spark that launched FoodieCon, his best practices for running popular food events, and why all business owners need to adapt to social media trends.

Money & Finance

Avoid These 10 Mistakes Entrepreneurs Make with Money

Despite the challenging statistic that only 5% of startups survive beyond five years, common financial pitfalls often contribute to their failure. Through personal observation, I've identified the prevalent financial mistakes made by entrepreneurs.

Data & Recovery

Get $60 off This Portable VPN Travel Router

Why keep paying for a VPN service when you can have a tiny, lightweight piece of hardware that can provide you with a lifetime of maximum VPN protection?

Business News

Homeowners in These 10 States Pay the Most in 'Hidden' Upkeep Costs

Hidden home costs pile on top of mortgage payments.