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HomeIndia India-Based Annapurna Finance Secures $75 Million in Funding

[FUNDING NEWS] India-Based Annapurna Finance Secures $75 Million in Funding

Piramal Alternatives, the Piramal Group's fund management subsidiary, invested USD 75 million in Annapurna Finance Private Limited, an Odisha, India-based non-banking finance company focused on microfinance.

Piramal Alternatives, the Piramal Group’s fund management subsidiary, invested USD 75 million in Annapurna Finance Private Limited, an Odisha, India-based non-banking finance company focused on microfinance.

The transaction featured a combination of secondary share purchases and Tier – 2 capital. The strategic investment will drive the company’s AUM growth, promote market expansion, and strengthen its position as a participant in microfinance segment management.

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Annapurna, founded in 2009 by Mr. Gobind Chandra Pattanaik and Mr. Dibyajyoti Pattanaik, is a significant microfinance institution in India, with assets under management exceeding USD 1.25 billion as of March 31, 2024.

The company is a pan-India player with operations in 20 states and has expanded into MSME financing. It has 1,372 branches as of March 31, 2024.

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The organisation also provides secured and unsecured MSME loans through its network of over 200 dedicated branches. It is backed by domestic and international investors including Nuveen Global Impact, Oman India Joint Investment Fund, and ADB, among others.

About Annapurna Finance Private Limited

Annapurna Finance Pvt. Ltd., founded in 2009. It started as part of People’s Forum, an NGO that helps the poor. Mission Annapurna under People’s Forum started microfinance in 2005. Door-to-door visits to disadvantaged women in Odisha’s hinterland addressed their economic needs.

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