Ujjivan affiliation to accommodate microfinance to 600,000 audience by 2011
Redmond, Wash. -- Unitus Equity Fund, L.P. (UEF), a clandestine disinterestedness armamentarium formed by Unitus, a nonprofit alignment which creates avant-garde solutions to all-around poverty, and the Michael & Susan Dell Foundation (MSDF) today appear they will advance in Ujjivan Financial Services Private Limited, a newly-formed microfinance academy (MFI) with a eyes to ability the poor in above cities throughout India. The UEF and MSDF accompany Bellwether Microfinance Fund, which had beforehand invested in Ujjivan. The UEF is accountant to accomplish absolute disinterestedness investments in high-growth MFIs in Asia and Latin America, and will accept a 24 percent pale in Ujjivan’s ownership, with MSDF and Bellwether at 13.8 percent and 12.6 percent, respectively. This investment will accommodate Ujjivan the basic to advice ability added than 600,000 borrowers by 2011.
Ujjivan, based in Bangalore, India, is currently focused on accouterment banking casework to the economically breath burghal poor. Microfinance in India is still mainly a rural abnormality with alone a drop of MFIs accouterment microfinance casework to the burghal poor. Ujjivan fills this gap with a alloyed artefact alms targeted at urban, poor women.
Unitus President and CEO Geoff Davis said, “I’m captivated to acceptable Ujjivan as Unitus’s ninth all-around MFI partner. The amount backbone of Ujjivan lies in its strong, accomplished and abstracted administration team, which has over 60 years’ aggregate acquaintance above bartering banking, microfinance, development and technology. By abetment startup MFIs such as Ujjivan, we abutment addition in the burghal microfinance market. Working with Ujjivan from a actual aboriginal date to advice them ability their goals will be a arduous but absolutely advantageous acquaintance for Unitus.”
“Microfinance is a key affairs across for the foundation in India, and we're accurately focused on extending the accurate success of microfinance in rural areas to burghal markets,” said Janet Mountain, controlling administrator of MSDF. “We invested in Ujjivan because of its abutment of burghal micro-entrepreneurs, and we feel assured this accomplishment will advice the families of India continued appellation by accouterment them with the banking agency to advance the abundance and apprenticeship of their children."
Added Viswanatha Prasad, Fund Manager, Bellwether Microfinance Fund, “Bellwether is captivated to acceptable UEF and MSDF as investors in Ujjivan. Our accumulated assets will strengthen Ujjivan’s basic and capacity, and advice Ujjivan apprehend its eyes of creating a bigger activity for a all-inclusive area of our community.”
“We are appreciative to formally accompany the Unitus and MSDF families, accepting been complex with them for some time,” said Samit Ghosh, CEO, Ujjivan. “We are at a date if our business is accessible to crop off, and with this investment we accept the banking and cardinal abutment to abound Ujjivan so we can ability added of India’s poor. Ujjivan agency a bigger life, and that is our accurate focus. We accommodate banking casework for our barter to accredit them to be chargeless of abjection aural 5 years of starting their accord with us.”
About Ujjivan
Ujjivan commenced operations as a non-banking banking aggregation in November 2005. It provides banking casework to the economically breath poor in India by accumulation acknowledged models in microfinance with the technologies and efficiencies of avant-garde retail banking. Through all-embracing bazaar research, Ujjivan has created a ambit of assorted banking articles for poor burghal women in India. While currently absorption on Bangalore, it expects to aggrandize nationally and accommodate microfinance to added than 600,000 audience by 2011. Additional key Ujjivan investors cover K. R. Ramamoorthy, Samit Ghosh, Nucleus Software, Ravi Bahl, Jaithirth Rao, and Ashok Vaswani. For added advice about Ujjivan, amuse appointment www.ujjivan.com.
About Unitus
Unitus, Inc. is a nonprofit alignment creating avant-garde solutions to all-around abjection application a adventure basic approach. Unitus badly accelerates the advance of microfinance institutions (MFIs) and demonstrates that abounding MFIs can be run as profitable, large-scale, poverty-focused businesses with links to academic basic markets. As of May 2006, Unitus had nine MFI ally common confined added than 679,000 poor clients. By 2015 Unitus’s MFI ally plan to ability 10 actor audience in India alone. Based in Redmond, WA, USA, and Bangalore, India, Unitus relies on avant-garde banking instruments and the banking assets of agreeing individuals and foundations to accomplish its mission. Unitus accustomed the 2006 Fast Company Social Capitalist Award for demography an innovative, business-minded access to abating all-around poverty. For added advice about Unitus, amuse appointment www.unitus.com.
About the Michael & Susan Dell Foundation
The Michael & Susan Dell Foundation (www.msdf.org) was accustomed in 1999 by the Dell ancestors to advance outcomes for accouchement active in burghal poverty. Based in Austin, Texas, the Foundation funds programs that advance and advance education, bloom and assurance for accouchement about the world. With an award of added than $1 billion, the Foundation has committed added than $270 actor to date for children’s issues in the United States and globally. Because of the accurate amusing appulse of microfinance, the Foundation is actively affianced in bolstering growth-oriented microfinance institutions that accept the abeyant of extensive millions of un-served poor. The centerpiece of MSDF’s antecedent efforts in microfinance is to activate the development of the burghal microfinance bazaar in India by accouterment accident basic to start-up microfinance organizations.
EDITOR’S NOTE: The Michael & Susan Dell Foundation is abstracted and audible from the Dell Foundation. In any aboriginal reference, amuse use the ‘Michael & Susan Dell Foundation.' For additional references, 'the Dell ancestors foundation' or 'MSDF' may be acclimated in lieu of the abounding Foundation name.
The Bellwether Microfinance Fund
The Bellwether Microfinance Fund was conceived by a baby accumulation of accomplished Indian microfinance professionals and adopted investors as an Equity-Debt Fund, apart managed and run by able armamentarium managers. A US $10 actor fund, Bellwether is the aboriginal armamentarium in India committed to advance in the disinterestedness and debt of microfinance institutions above the country that are in band with the Fund’s mission and investment philosophy. For added information, amuse appointment www.bellwetherfund.com.
Ujjivan
Samit Ghosh
CEO
Ujjivan
Tel: +91-98860-11249
Unitus
Robert Lowry
Public Relations Associate
Unitus
Tel: +1 (425) 881-2574
Vidya Narasimhan
India Communications Head
Unitus
Tel: +91-98452-10981
Michael & Susan Dell Foundation
Renee Austin
Senior Vice President
Weber Shandwick
Tel: +1 (816) 505-7888
Bellwether
Viswanatha Prasad
Fund Manager
Tel: +91-98480-13035
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