Madura Micro Finance Ltd (MMFL) said it would require Rs 40 crore capital to achieve its target of around Rs 1,000 crore disbursement by 2010-11.
“So far 50 per cent of our capital requirement has been taken care of by internal accruals since MMFL is a profit making body,” said Tara Thiagarajan, chairperson, MMFL. The Chennai-based non-banking financial company was also looking at private equity for the proposed infusion.
Thiagarajan was speaking to Business Standard on Tuesday after releasing a feature film, ‘Shakti Pirakkudhu’, based on the true stories of women self-help group members of Madurai in Tamil Nadu MMFL’s disbursals at present stand at around Rs 440 crore.
Sandeep Farias, founder and managing director, Elevar Equity, which has invested around $4.8 million in MMFL said “for the next 12-18 months, the current capital for MMFL is adequate.”
The company has a member base of 440,000 and caters mostly to women across 29 districts of Tamil Nadu.
“Our target is to increase the member base to 1 million by 2010-11 in Tamil Nadu, beyond which we will foray into other states in south India,” she said.