Netherlands based Oikocredit International bought 10% stake in Kerala ( India) based NBFC microfinance ESAF Microfinance and Investments (P) Ltd (EMFIL), through its fully owned Indian subsidiary Manaveeya Holdings and Investments. Through this deal the capital base of ESAF Microfinance has crossed Rs 30 crores. The deal was aimed to generate capital for the company to expand its business. The company aims to reach out to one million poor households by 2014.
“ESAF Microfinance always focuses on reaching to the unreached. Our association with Oikocredit reinstates our social mission” said Mr. Paul Thomas, Founder and Managing Director, ESAF Microfinance.
Oikocredit is a 30 year old global Development Financing Institution that responds to the needs of businesses that create jobs and incomes for disadvantaged people.
ESAF has over 2, 50,000 clients, and a cumulative disbursement of loans worth INR 630 crores. In addition to microloans, it also provides Micro-insurance, Health Care, Homes and Infrastructure and Retail Services for the poor. ESAF Microfinance, which has presence in 6 states in India, recently expands its operations to the North and Central Regions.
Source: Micro Finance Focus