Microfinance firm Basix seeks $64 million from PE investors
India-focused Microfinance player Basix is reportedly set to approach private equity investors in an effort to raise as much as IND300 crore ($64 million) later this year, the largest target it has set out of its three previous rounds of financing.
According to local reports, Basix raised INR21 crore ($4.5 million) in 2001; INR55 crore ($11.7 million) in 2009; and INR118 crore ($25.2 million) in April. The World Bank's IFC was a key contributor to Basix's funding in 2001, while investors including MicroInvest Vehicle and Lok Capital partook in 2009. Local media reported in April that VC firm Matrix Partners India invested INR100 crore ($21.3 million) into Basix, while Lok Capital and Hivos Triodos Fonds invested the remaining INR18 crore ($3.8 million).
Basix, which launched in 1996, claims to have worked with more than 1.5 million customers, 90% of whom live in impoverished, rural households and 10% of whom are urban slum dwellers. Reports note that the company would use the new financing to pay off debts, pegged at $319.7 million and growing, as well as bolster its operations.
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