Annapurna Finance mobilises $30 mn in equity from Nuveen Global Impact

Annapurna Finance mobilises $30 mn in equity from Nuveen Global Impact

Kolkata: Asian Development Bank-backed Annapurna Finance has mobilised $30 million in equity from US-based impact investor Nuveen Global Impact as the lender looks to grow its stake amid the bottom of the pyramid borrowers.

The Bhubaneswar-based micro lender had a gross loan portfolio of Rs 4466 crore as of December 2020, making it the country’s seventh largest NBFC-MFI.

“Nuveen’s expertise and funding will help us meet our expansion plans and we look forward to working with them to develop our climate initiatives,” Annapurna managing director Gobinda Chandra Pattnaik said.

Unitus Capital advised Annapurna in the deal.

Nuveen, the investment manager of Teachers Insurance and Annuity Association of America Fund (TIAA), invested nearly $500 million in direct and indirect private equity capital across over 200 portfolio companies in alignment with the United Nations Sustainable Development Goals. It manages over $5.8 billion in public and private markets impact investing strategies.

Annapurna has microfinance operations in 313 districts across 18 states serving 1.8 million clients — of which the majority is women. About 85% of Annapurna’s borrowers operate their businesses in rural areas.

Small Industries Development Bank of India, Oman India Joint Investment Fund, Belgian Investment Organization, SIDBI Venture Capital, , Oikocredit, Women’s World banking and Bamboo Capital Partners are existing investors in Annapurna.

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