Fusion Microfinance today said it it has raised Rs 80 crore in the latest round of funding for expansion and ramping up infrastructure.
The non-banking finance company -- Microfinance Institution (NBFC-MFI) -- said the round was funded by existing investors -- Creation Investments, Oikocredit and GAWA Capital.
It had recently raised Rs 400 crore in debt from various financial institutions and is planning to raise another Rs 400 crore in the next few months, Fusion said in a statement.
"The funding will help Fusion Microfinance to continue its growth momentum through expansion in its network, infrastructure capacity ramp up and growing employee base of 3,000 employees," it said.
CEO and founder of Fusion Devesh Sachdev said the company has been able to maintain a healthy growth rate and is bracing up for the next phase of expansion.
"Demonetisation effects have almost phased out and we are looking at a promising growth phase in the coming year. We plan to increase our loan book by 60 per cent to Rs 2,400 crore in 2018-19," he said.
The fresh funds, he said, will be instrumental in capitalising on new opportunities and help Fusion reinforce its infrastructure including integration of latest technology to bring down overall operational costs.
Fusion Microfinance said it plans to hire around 1,000 people in next fiscal, expanding its employee base to 4,000.
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