SKS Microfinance Gets Rs 50 Cr Investment From Bajaj Allianz

SKS Microfinance, India’s largest microfinance institution, seems to be in ever need of capital to fuel its growth. The Hyderabad-based non-banking finance company has received a strategic investment of Rs 50 crore from insurance firm Bajaj Allianz Life Insurance.
SKS has so far raised $123.5 million in equity alone from Sequoia Capital and Sandstone Capital, among others. SKS also recently became the first MFI to raise Rs 75 crore via non convertible debentures (NCD) and list the same in Bombay Stock Exchange. Previously it had raised Rs 25 crore via NCDs which was subscribed by Yes Bank. It had also completed a securitisation deal worth Rs 100 crore.
Bajaj Allianz’s equity deal with SKS seems to be the culmination of a strategic partnership the firms had with each other. SKS and Bajaj Allianz partnered in April 2008 to launch a micro-insurance product for the rural poor.
The latest round will ... [Follow Original Article link for full content.]