IFMR Holdings secures $25 million from Accion, LeapFrog Investments and Lok Capital. The company is a financial inclusion platform that offers financial assistance to financially excluded households and enterprises.
The company invests in, and operates financial institutions in India with the branch network operations in rural India. IFMR Holdings provide a set of financial products and services to each and every households and enterprises through its unique branch based business model called Kshetriya Gramin Financial Services (KGFS).
IFMR Holdings is a subsidiary of IFMR Trust which was founded in 2013. The company helps people and enterprises to get access to financial services in rural India through their businesses namely IFMR Capital – provides micro loans and small businesses finance, IFMR Rural Channels is a credit, insurance and pensions provider, IFMR Rural Finance is a technology licensor. The company claims to have provided services to 600, 000 clients through 242 branches.
Chennai based IFMR Holdings was founded in 2008 and headed by Sucharita Mukherjee. She holds Bachelor’s Degree in Economics from Lady Shri Ram College in 1999 and Masters of Business Administration from Indian Institute of Management, Ahmadabad. Sucharita has rich experience working in multinational banks like Deutsche Bank and Morgan Stanley for almost 8 years. From 2008 she is working with IFMR Holdings in various positions of the company. Sucharita holds several key positions in IFMR Trust and its companies.
IFMR Holdings secured venture funding of $25 million from Accion, LeapFrog and Lok Capital. Accion International based in Boston, United States. The company is nonprofit organization and Accion US Network is one of the largest microfinance groups in the United States. Till today they have helped to build 63 micro finance institutions in 32 countries in 4 continents.
LeapFrog Enterprises Inc. is a leading education innovator and developer of educational entertainment to children. The company products are available in 45+ countries and been used by teachers in 100,000+ US Classrooms. The company is based out of Emeryville, CA.
Lok Capital initiative is based in New Delhi was launched in 2000; they received a grant from Rockefeller Foundation. The initiatives have $85 million under its management and promote financial and social inclusion in India through grants, technical support, research and advocacy.
IFMR Trust’s Chair Person Bindu Ananth said, “This comes at an important inflection point for IFMR Holdings. Against the backdrop of a very favourable policy environment for financial inclusion, we are accelerating growth across all our businesses.”
LeapFrog Partner Michael Fernandes said “LeapFrog is close to IFMR through our direct investment in IFMR Capital. We are also investing in the holding company because the leadership team understands how to reach parts of India that others don’t. This is a platform to reach emerging consumers with a wide range of empowering financial tools.”
IFMR Holdings Chief Executive Officer Sucharita Mukherjee said “Our belief is that access to finance, supported by well-functioning markets, is critic-ally important for low-income households. This partnership with like-minded investors such as Accion, LeapFrog and Lok brings the benefit of international best practice and a wide range of global insights to this work in India.”