Basix fintech raises Rs 220 mn in series-B funding from existing investors

BASIX Sub-K iTransactions Limited, a Hyderabad-based fintech company focused on financial inclusion, has raised Rs 220 million through a second round of funding from its existing investors.

Sub-K had originally closed a first tranche fund raise of Rs 350 million in March 2018, taking the cumulative series B round to Rs 570 million, according to the company.

Sub-K currently provides affordable financial services, including loans, basic banking services, and payment to more than 2.2 million customers across India. The company has built an extensive network of field branches and business correspondent agents, supported by technology infrastructure developed in house. 

"Thanks to our current investors' continued faith in Sub-K's  business model and its ability to deliver results, this capital round is quite timely as we just began implementing our new strategic plan. I am more confident than ever that we will be able to innovate fast and create greater impact," the company managing director Sasidhar Thumuluri said.

The second round of funding was provided by Accion, Nordic Microfiannce Initiative and Michael & Susan Dell Foundation, all three are the existing investors of the company.