Netherlands-based Asian microfinance holding company CreditAccess Asia is reportedly planning to invest Rs.1000 crore in Asia, including India where its subisdiary Grameen Koota is fourth largest in the country.
CreditAccess Asia (CAA) has recently raised about Rs 671 crore via equity capital, including Rs 212 crore from Asian Development Bank (ADB), funding from existing investor Olympus Capital Asia and another Rs 335 crore as part of debt conversion. , Attique Saleem, spokesperson of Amsterdam-headquartered parent CreditAccess, told DNA Money.
"ADB is investing into CreditAccess Rs 212 crore or €30 million. Rs 335 crore or €47.4 million would be coming as part of debt conversion. Funding into the Indian subsidiary will go as per growth requirements periodically," Attique Saleem, spokesperson of Amsterdam-headquartered CreditAccess, told DNA Money recently.
CreditAccess has raised an aggregate funding of about Rs 970 crore, including divestment from the sale of 5% pre-IPO equity in microfinance firm Equitas last year. "We have set ourselves on the path of an IPO in the near future. We have put together an IPO strategy team with internal and external advisors to determine how, where and when we will publicly list our company," said Saleem in an e-mail response to DNA Money.
Founded in 2006 by Paolo Brichetti, CreditAccess owns Asian microfinance entities like Grameen Koota in India, Bina Artha in Indonesia and One Puhunan in the Philippines.