Largest microfinance investment in India to date.
Hyderabad, India -- Vinod Khosla, alternating with added amusing adventure capitalists, the Small Industries Development Bank of India (SIDBI) and SKS’ borrower community, fabricated a Rs. 11 crores ($2.5 million) investment in SKS Microfinance today. The accord is the largest-ever investment in any microfinance academy in India. SKS, whose mission is to accommodate banking casework to the poor, will use the investment to acceptance bartering debt and calibration beat from its accepted abject of 200,000 audience to 700,000 audience in 2006-07.
“I am afflicted with the humans and processes at SKS and am assured that this investment will accredit them to serve even added poor families throughout the country,” said Khosla.
Of the Rs. 11 crores ($2.5 million) investment, Khosla has contributed Rs. 2.1 crores ($470,000) while technology entrepreneurs Ravi Reddy and Sandeep Tungare, co-founders of Vistaar Technologies, accept contributed a accumulated Rs. 2.1 crores ($470,000). The Unitus Equity Fund (UEF) aswell invested Rs 2.1 crores ($470,000). The UEF is managed by a accessory of Unitus, a Redmond, Washington-based all-around microfinance accelerator. In addition, SKS borrowers accept added their accepted investment from Rs 2 crores ($450,000) to Rs 6.5 crores ($1.5 million) and the SIDBI has broadcast its accepted investment from Rs. 50 lakhs ($112,000) to Rs. 1 crore ($225,000).
“SKS is on the acid bend of microfinance, deploying advanced technologies to abate operational and transaction costs. This access will accredit SKS to serve its audience added bigger and accomplish its aggressive goals,” remarked Reddy, a adherent of SKS back its birth in 1998.
“SKS is an industry baton in banking transparency, addition and accelerated growth–they are absolutely the blazon of accomplice we ambition to body able relationships with,” said Geoff Davis, President and CEO of Unitus.
SKS CEO, Vikram Akula, noted, “We are captivated to accept these world-class investors accompany SKS. They accompany abysmal ability of how to calibration companies and SKS will account abundantly from the abilities and acquaintance they have.”
About SKS Microfinance:
Founded in 1998, SKS serves abutting to 200,000 audience in over 3,000 villages advance above 5 states: Andhra Pradesh, Maharashtra, Karnataka, Madhya Pradesh and Orissa. It has a portfolio of $18 million, with a PAR over 30 canicule of alone 2 percent and has consistently accomplished a 250 percent anniversary advance rate, one of the fastest of any microfinance academy in the world. For added advice about SKS Microfinance, amuse visit: www.sksindia.com
About Vinod Khosla:
Vinod Khosla is the founding CEO of Sun Microsystems and a accomplice at Kleiner Perkins. Vinod and several ally founded Khosla Ventures in 2004 and accept apprenticed a allocation of their investment gain to authoritative a absolute amusing impact. For added advice about Khosla Ventures, amuse visit: www.khoslaventures.com
About Ravi Reddy and Sandeep Tungare:
Ravi Reddy and Sandeep Tungare are co-founders of Vistaar Technologies and co-founded Think Systems, a awful acknowledged demand-planning software company, which they awash in 1997.
About Unitus:
Unitus is a global microfinance accelerator that acts as a amusing adventure basic broker for the microfinance industry. As of March 2006, Unitus had eight MFI ally common confined added than 540,000 poor clients. Based in Redmond, Wash., USA, and with an appointment in Bangalore, India, Unitus relies on avant-garde banking instruments and the banking assets of agreeing individuals and foundations to accomplish its mission. For added advice about Unitus and the Unitus Equity Fund, amuse visit: www.unitus.com
Media Contact:
Chris Turillo
Manager, Communications
SKS Microfinance
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