Trident Microfin Private Limited (formerly known as Annapurna Financial Services Private Limited), an Indian microfinance institution, recently announced it plans to raise INR 750 million (USD 16 million) in equity financing from high-net-worth individuals and two existing investors, Caspian Advisors’ Bellwether Microfinance Fund and the India Financial Inclusion Fund, both of which are India-focused equity investment funds. Trident reported total assets of INR 1.3 billion (USD 33 million) as of June 30, 2010.
Trident plans to use the financing for business growth and to increase capital reserves. Currently, Trident has 31 branches in two Indian states, Maharashtra and Andhra Pradesh, and it plans to establish additional branches in Madhya Pradesh, Chhattisgarh and Northern Karnataka for a total of 250 branches operating and serving 1 million clients within 5 years.
By Jennifer Shevock, Research Associate
About Trident Microfin Private Limited:
Trident Microfin Private Limited (formerly Annapurna Financial Services Private Limited) is a microfinance institution established in 2007 and headquartered in Hyderabad, Andhra Pradesh, India. The goal of the company is to provide comprehensive financial and business solutions to low-income individuals and enterprises, particularly women and microenterprises, in a socially, economically and environmentally sustainable manner through the efficient use of capital, technology and human resources. Trident reported total assets of INR 1.5 billion (USD 33 million) as of June 30, 2010.
Sources and Additional Resources:
“Trident Microfinance to raise Rs 75 cr equity in second round” September 16, 2010. http://www.business-standard.com/india/storypage.php?autono=408187
MicroCapital Universe: Trident Microfin Private Limited: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Trident+Microfinance
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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