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October 24, 2013

Deal Alert: Tata Capital invests Rs.32-Cr in IFMR Rural Channels

Tata Capital Limited, via Tata Capital Special Situations Fund, has invested INR 32 Cr in Chennai-based IFMR Rural Channels and Services Private Limited (IRCS). In March 2012, IRCS had raised funding from Lok Capital and Proparco. The latest investment will help IRCS scale its business in its current areas of operation, in addition to expanding its reach to newer geographies.

IRCS is in the business of origination and distribution of financial products and services with the goal of complete financial inclusion in remote rural India. At present, the KGFS network has more than 185 branches that cater to around 350,000 individuals across Tamil Nadu, Orissa and Uttarakhand state, covering around 4200 remote rural villages. 

Source: Press Release

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