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Fusion Microfinance raises Rs 520 cr in Series E funding

IANS  |  New Delhi 

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

The investment round includes both primary fund raise and secondary sale by early-stage investors, Fusion 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, 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' said: "The company (Fusion Microfinance)...has a robust operating platform and is very well capitalised to become a in the financial inclusion space. looks forward to backing Devesh and the management team in its next phase of growth."

--IANS

rrb/nir

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, December 04 2018. 22:42 IST
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