Chennai-based Madura Micro Finance Limited (MMFL), a microfinance institution, has received a funding of Rs 22 crore from a US-based private equity investment company
The investment by Unitus Equity Fund LP will enable MMFL to increase its management bandwidth, strengthen its institutional capacity, and help the company expand its customer base, chairman Tara Thiagarajan stated in a release.
MMFL will soon roll out a range of piloted products designed to support and promote entrepreneurship by creating economies of scale for raw materials and for building market efficiencies through products that link suppliers and buyers. The products will diversify MMFL’s revenue streams, build markets for additional financing, and provide key insights into the needs of rural customers.
The company is targeting to serve over one million customers by 2013.
The company also plans to roll out tailored loan products that will cater specifically to varying risk profiles and provide additional benefits such as training and asset insurance for both individuals and small groups.