Annapurna Finance raises $20 million from Germany-based DEG

Annapurna Finance, DEG

Annapurna Finance, Odisha-based amongst the top five NBFC-MFIs, today announced Equity Investment of USD 20 million from DEG – Deutsche Investitions – und Entwicklungsgesellschaft, a Germany-based leading development finance institution.

DEG investment would be channelized to further boost the financial inclusion objectives of Annapurna, thereby getting increasing number of women borrowers in rural India, into formal financing eco-system.

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Post the first wave of Covid-19, DEG would be the second capital investment raised by the Annapurna, after attracting USD 30 million investment from Nuveen Global Impact Fund in March 2021. DEG Investment not only helps in furthering Annapurna’s financial inclusion priorities, but also strengthens its capital base.

Speaking on the occasion, Mr Gobinda Chandra Pattnaik, Managing Director, Annapurna Finance, said: “Financial upliftment of rural population, by making available to them, easy access to formal credit continues to be our prime focus at Annapurna. DEG’s investment would only help us further, to meet our goal to provide easy credit access to unserved rural population in the country.”

Wladislaw Solounov Vice President, DEG, said: “We take pride in being associated with Annapurna, which is an impressive success story in rural financial inclusion. We would be keen to provide our support, knowledge and advice to a great institution like Annapurna which is working towards financial betterment of rural livelihoods in India.”

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