IFC is to make a quasi equity investment in Chennai-based IFMR Rural Channels & Services Pvt. Ltd., an investment & distribution company founded by the IFMR Trust. IFMR Rural provides financial products and services in remote rural areas of India through the KGFS model. A KGFS is a full service local financial institution model, providing various credit, insurance, savings, pensions, remittance and asset products, exclusively focused on the remote rural households.
The company currently provides access to finance to more than 245,000 enrolled customers with a credit portfolio under management of approximately $12 million. IFC’s proposed investment will help IFMR Rural scale up its lending and non lending businesses in its current areas of operation, in addition to helping the Company expand in newer geographies, including a few of the low income states in India.
From the Venture Intelligence Social Investments Database: Lok Capital had invested $5-M in IFMR Rural Channels in Mar-12.
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