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| Grama Vidiyal Microfinance plans to raise Rs 300 crore |
| BS Reporter / Chennai Mar 06, 2009, 00:48 IST |
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Tiruchy-based Grama Vidiyal Microfinance (GVM), a non-banking finance company (NBFC), is planning to raise Rs 300 crore capital over the next five years for its proposed expansion plan. The NBFC has set a target to acquire 3 million customers and outstanding to the tune of Rs 2,500 crore during the same period.
Arjun Muralidharn, CEO, and D Shirley, COO, GVM, said that currently the company, which commenced NBFC operation in 2007, has around 400,000 clients with an outstanding of around Rs 170 crore. By the end of the current financial year, it hopes to have an outstanding of Rs 200 crore.
Muralidharn said the company was planning to raise Rs 50 crore through equity and borrow Rs 300 crore in 2009-10 to support the expansion plan. For the year 2009-10, the target is Rs 500 crore outstanding. Disbursement during the current financial year is around Rs 400 crore, he noted.
The company is also planning to foray into 2 or 3 states including Karnataka, Andhra Pradesh and Kerala with a client base to 750,000 in 2009-10, said Shirley.
Muralidharn noted, the proposed equity would be the second round. The company had raised Rs 14.3 crore in January 2007 from the Unitus Equity Fund, a private equity fund launched by venture capitalist and the founder of Sun Microsystems Vinod Khosla.
He added, the company was planning to launch two asset creating products — gold loan and housing loan next year. Currently, the company has three products, including general loan products, seasonal/special products and business loan.
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