Grameen Koota Raise Money
Grameen Financial Services Pvt Ltd is a microfinance firm more known as Grameen Koota. In its third round of equity fund raising, it was able to raise Rs 53.2 from the group led by Creation Investments Capital Management.
Of the Rs53.2 crore raised, Rs37.5 crore came from Creation while other investors such as Incofin Investment Management, Aavishkaar Goodwell India and MicroVentures paid for the rest. In previous rounds, Grameen Koota was able to raise US$5.9 million back in December 2009 while in April 2008 the figure reached is US$3.64 million.
Grameen Koota is a lending firm for the poor women located in Karnataka, Tamil Nadu and Maharashtra and its current loan portfolio is at Rs376 crore.
According to Grameen Koota Managing Director Suresh Krishna, "The newly infused funding will again add to the growth of the company and help Grameen Koota achieve its target of reaching out to more than 10 lakh poor and low income households. The capital will also strengthen our vision towards extending and expanding our loan operations to other neighboring states."