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Author:Manish Jaiswal
Bonsai Group
Bonsai Group
SSK Hyderabad is leading the Microfinance wave in India
It is heartening to see that SKS Microfinance is still the darling for VC firms. Micro Finance is not a new phenomenon in India, but SKS has perfected the art and science of this lending mechanism to poor and needy strata of society. It is debated in many quarters that Micro Finance is panacea of all financial ills of rural India and a secured (capitalist) mechanism to alleviate rampant poverty and unemployment from India.
The Economic Times reports that Hyderabad based institution, SKS Microfinance has raised $37.3 million in its Series C funding. Apart from the existing investors, Sequoia Capital, Vinod Khosla and Odyssey Capital, two new investors, the U.S. based Silicon Valley Bank and Columbia Pacific, participated in the venture funding. The transaction was completed in December 2007 and the funds will be used to finance MFI’s expansion plans in 2008, ET quotes SKS Microfinance COO MR Rao.
2007 had been a fund raising year for the Indian microfinance sector. Another Hyderabad based MFI Share Microfin had raised $27 million investment from Dubai’s Legatum Capital and Aavishkaar Goodwell. Among the MFI founders, Aavishkaar Goodwell had raised an undisclosed amount from International Finance Corp (IFC), the Netherlands Development Finance Company (FMO), and Deutsche Bank, while Lok Capital has received a funding of $2.5 million from Boston based Accion International, a leading global microfinance institution.
More such funding in Micro Finance / Rural and Agriculture is a great news for India. One thing India is missing big time in the Rural area is use of modern tools and technology to enhance the productivity. Westerns World, particularly America has state-of-the-art tools at very competitive prices. Leasing and Hire Purchase / NBFC’s or Micro Finance companies could use their capital & knowledge to transfer these tools to their rural bases. Higher productivity means sure and higher ROI or IRR, which is the disbursement philosophy of any lending company.
Cheers !!!
Manish K. Jaiswal
link : www.NewsandReviews.in (MKJ Blog)
Comment 1: By sandera jones on 23rd Oct 2008
Good day dear Friend,
How are you doing today? Hope you doing very fine over there including your family, I am happy to recieve your contact and i hope that this will be the begining of a long lasting business relationship.
I am Mr MALAI BANGURA, a Seirra Leonean by origin. I was a gold and diamond dealer in Free town untill the present (APC) ALL PEOPLE'S CONGRESS PARTY civilian Government of PRESIDENT ERNEST BAI KOROMA revoked my Licence because i refused to involve my money in the last political campaign so eventually when they won the election i became a scape goat for the rgime.
Fortunately, i have been able to transfer 2,840.000.00 euro ( two million eight hundred and fourty thousand euro) to a Bank in Senegal, the country where i reside presntly. I have been victimised by the present civilian Government in my country and my money in Sierra leone has been siezed by the Government demanding that i should give account of all my money which they are aware i made from my Gold and diamond Business.
Ever since 17 September 2007 i have been living in fear and uncertain of my safety hence i was forced to move out of my country to Senegal.
Actually my purpose of contacting you is for us to go into partnership such that i can transfer this money to your account in your country for an investment purpose.
Since you know your country more than i do, you will have to decide on the type of business that we can run successfully in your country with the amount in question.All other partnership conditionalities will be discussed and agreed upon by both of us as soon as you indicate your interest for this transaction.
Honestly and in sincerity I guarantee that this will be executed under a legitimate arrangement that will protect you and me from any breach of the law. Please reply to (mcbang10@yahoo.com)
Thanks while i look forward to your reply soonest.
Yours Sincerelly.
Malai Bangura.
How are you doing today? Hope you doing very fine over there including your family, I am happy to recieve your contact and i hope that this will be the begining of a long lasting business relationship.
I am Mr MALAI BANGURA, a Seirra Leonean by origin. I was a gold and diamond dealer in Free town untill the present (APC) ALL PEOPLE'S CONGRESS PARTY civilian Government of PRESIDENT ERNEST BAI KOROMA revoked my Licence because i refused to involve my money in the last political campaign so eventually when they won the election i became a scape goat for the rgime.
Fortunately, i have been able to transfer 2,840.000.00 euro ( two million eight hundred and fourty thousand euro) to a Bank in Senegal, the country where i reside presntly. I have been victimised by the present civilian Government in my country and my money in Sierra leone has been siezed by the Government demanding that i should give account of all my money which they are aware i made from my Gold and diamond Business.
Ever since 17 September 2007 i have been living in fear and uncertain of my safety hence i was forced to move out of my country to Senegal.
Actually my purpose of contacting you is for us to go into partnership such that i can transfer this money to your account in your country for an investment purpose.
Since you know your country more than i do, you will have to decide on the type of business that we can run successfully in your country with the amount in question.All other partnership conditionalities will be discussed and agreed upon by both of us as soon as you indicate your interest for this transaction.
Honestly and in sincerity I guarantee that this will be executed under a legitimate arrangement that will protect you and me from any breach of the law. Please reply to (mcbang10@yahoo.com)
Thanks while i look forward to your reply soonest.
Yours Sincerelly.
Malai Bangura.
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