Invest India Micro Pension Services, aggregator of regulated micro-pension and long-term micro-saving products for economically weaker section, today said Germany-based KfW has picked up 30% stake in the company for $3.28 million (about Rs 19.2 crore).
During the same equity investment transaction, the Michael & Susan Dell Foundation has invested an additional $4 lakh and increased its own shareholding in the company, Invest India Micro Pension Services (IIMPS) said in a statement.
"The equity investment from KfW and the Dell Family Foundation will help further strengthen financial literacy and client protection mechanisms as we surge ahead on building a mass-market for non-credit financial and risk management solutions for vulnerable households across the country," Invest India Micro Pension Services MD Gautam Bhardwaj said.
Other institutional shareholders in the company include UTI AMC and Self Employed Women's Association (SEWA).
IIMPS collects money from low income individuals who save on an average Rs 200 per month towards for their old age. These monthly savings are distributed between the government's NPS-Lite Swavalamban and the UTI Retirement Benefit Pension Fund.
