Annapurna Finance, a Bhubaneshwar-based microfinance lender, has raised $15 million in a Series A2 funding round from Proparco, the private-sector financing arm of the French Development Agency (AFD).

As per the startup, the freshly raised funds will be utilised to grow its loan book, invest in technology, expand geographically, and further its vision of enabling financial inclusion at scale.

Annapurna Finance | Financial Assistance For Economic Empowerment

Founded by Gobinda Chandra Pattanaik and Dibyajyoti Pattanaik, Annapurna Finance, an RBI-registered Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI), offers micro-credit loans, home improvement, and MSME loans to individuals and small businesses.

Speaking about the development, Gobinda Chandra Pattanaik, Managing Director, Annapurna Finance, said,

“We are thrilled to have our existing debt partner Proparco further support us and now partner with us on the equity side. Their belief in our ability to enable financial inclusion across the country and empower women has fortified our commitment to building one of India’s largest financial services companies.”

Over the years, the Bhubaneshwar-based microfinance lender has continued to innovate its products and delivery mechanisms, making the whole product life cycle of micro-credit as relevant as possible for its clients. 

Annapurna Finance has developed a pan-India rural distribution network across 20 states. It claims to have over Rs 6,500 crore Assets Under Management (AUM).

As per the startup, the fundraise will help Annapurna Finance strengthen its tech stack to bring more efficient, automated and paperless financial products to the unbanked and underbanked.

This funding round is the fourth funding round raised by Annapurna Finance in the last 15 months, taking the total raised capital to $100 million. The Bhubaneshwar-based microfinance lender is backed by Asian Development Bank (ADB), SIDBI Venture Capital, DCB Bank, Oman India Joint Investment Fund, Belgian Investment Company (BIO), and Women’s World Banking.

Read: Factors Driving The Growth Of Fintech Industry In India.

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