Arohan Financial Snags $24 Mn From Another DFI
Microfinance institution Arohan Financial Services, a part of the Aavishkaar-Intellecap Group, has raised nearly Rs 200 crore ($24 million) from Investment Fund for Developing Countries (IFU), a development finance institution backed by the Denmark government.
The move comes after the micro lender scrapped its plans to float an initial public offering (IPO) due to tough macroeconomic conditions. Arohan counts private equity firm Tano Capital and secondaries specialist TR Capital among its backers.
The Kolkata-based firm, in March 2023, had raised nearly Rs 91 crore ($11 million) from another offshore backer, the Dutch development bank FMO, before the latest IFU investment.
Arohan will use the capital to grow its business as well as for greening its services, IFU said in a release. It will also use the funds to expand the footprint and increase the impact by reaching out to poor and vulnerable clients with no previous access to credit.
IFU has made the investment on behalf of the Danish SDG Investment Fund, which is backed by large Danish pension funds and private investors. The fund, which has a corpus of around $700 million, is backed by six Danish pension funds, including PKA, PensionDanmark, PFA, ATP, P+ and PenSam.
https://www.vccircle.com/arohanfinancial-snags-24-mn-from-another-dfi
