IFC to buy 20% stake in Ananya Finance

International Finance Corporation (IFC), part of World Bank, plans to take 20 per cent stake in Ananya Finance for Inclusive Growth Pvt Ltd, a wholesale microfinance institution (MFI) headquartered in Ahmedabad. IFC plans to invest around Rs 50 crore to acquire the stake.

According to the corporation, Ananya is expected to raise around Rs 150 crore in equity to strengthen its capital adequacy and onlend larger amount in the new entity.

The project is expected to have a direct client outreach of more than 2.5 million in the next five years and a much larger indirect client reach – estimated to be about 25 million, through the development of MFIs in the underserved areas, according to the corporation.

Ananya will start with a portfolio of Rs 400 crore, transferred over from the trust, resulting in transfer of active borrower relationships.

The company works across 17 states in India with more than 122 partner oganisations, who have an outreach of more than 14 million.