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LeapFrog takes part in $25m round for India's IFMR Holdings

  • Holden Mann
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LeapFrog Investments and Lok Capital have taken part in a $25 million funding round, led by global microfinance-oriented nonprofit Accion, for Indian non-banking finance company (NBFC) IFMR Holdings.

IFMR, which invests in and operates Indian financial institutions aimed at non-banked individuals, will use the funds to accelerate its financial inclusion projects, according to a statement.

The company maintains three businesses to reach different types of customers. IFMR Capital is a debt capital market platform for originators to offer micro-loans, small business finance, and housing and commercial vehicles finance. IFMR Rural Finance offers wealth management services to remote rural markets, and IFMR Rural Channels provides credit, insurance and pensions to rural clients.

LeapFrog previously invested in IFMR in April 2014, when it committed $29 million to the company. In March 2015 the firm also participated in a INR5 billion ($80 million) funding round for agricultural NBFC Magma Fincorp, alongside KKR and India Value Fund Advisors.

Lok Capital is a Mumbai-based impact investor that supports microfinance providers and other companies that support the microfinance ecosystem. The firm is currently investing out of its second fund, which closed at $65 million in 2012.

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