Fusion Microfinance raises Rs 520 cr in Series E funding

Microfinance firm Fusion Microfinance on Tuesday said it has raised Rs 520 crore investment in its Series E funding round led by Warburg Pincus, a global private equity firm.

The investment round includes both primary fund raise and secondary sale by early-stage investors, Fusion Microfinance said in a statement.

This is Warburg Pincus's first investment in the Indian microfinance sector, it said, adding that Creation Investment, an existing investor, also participated in the latest funding round.

The statement noted that early investors into the company, including Incofin, NMI, BIO and SIDBI, successfully exited from the firm.

"The company also intends to selectively evaluate potential acquisition opportunities and lead the potential consolidation in the industry," it said.

Commenting on the development, Devesh Sachdev, CEO and founder of Fusion Microfinance, said: "This investment would support our endeavour to develop into one of India's most preferred companies in the financial inclusion space."

Warburg Pincus' Managing Director Narendra Ostawal said: "The company (Fusion Microfinance)...has a robust operating platform and is very well capitalised to become a leader in the financial inclusion space. Warburg Pincus looks forward to backing Devesh and the management team in its next phase of growth."

--IANS

rrb/nir