Fusion Microfinance raises Rs 520 cr

Fusion Microfinance Tuesday said it has raised Rs 520 crore in a series E investment round from global private equity (PE) firm, Warburg Pincus.

The investment round includes both a primary fund raise and a secondary sale by early-stage investors, the company said in a release.

Creation Investment, an existing investor, also participated in this round.

Early investors, Incofin, NMI ,BIO and Sidbi have made a successful exit, the release said.

This fund raise follows an internal round that the microfinancier completed in February 2018.

"This investment would support our endeavour to develop into one of the countrys most preferred companies in the financial inclusion space," it said.

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

This also marks Warburg Pincus's first investment in the microfinance sector in the country.

Fusion Microfinance is a rural MFI with a pan-India presence through 500 branches across about 200 under-developed districts in 18 states of the country. It has cumulatively disbursed over Rs 5,000 crore having started in early 2010.