Posted on March 27, 2018
Mumbai, March 20, 2018: BASIX Sub-K iTransactions Ltd, a Hyderabad based company focused on financial inclusion, has raised INR 350 million from global nonprofit and financial inclusion pioneer Accion and Nordic Microfinance Initiative (NMI), a public-private partnership, owned by among others, the Norwegian and Danish governmental funds for developing countries (Norfund and IFU). Intellecap served as the investment banker for the deal.
Sub-K will use a sizeable amount of the funds for business growth by investing in the expansion of its agent banking network and credit facilitation for micro and small businesses. Some of the amount raised will also be dedicated to strengthening its IT platform that would help the company position itself as a preferred fintech as well as distribution partner for banks and financial institutions.
Commenting on this deal, Sasidhar Thumuluri, MD & CEO of Basix Sub-K says, “We are very excited about this investment. Accion and NMI as well as our early investor Michael & Susan Dell Foundation share our vision of a financially included society. Building upon Basix’s two decades of cutting edge work in financial inclusion, we will be able to continue to invest in innovations and increase our reach multi-fold, thanks to this investment.”
“Sub-K’s understanding of client needs, network of agents, and bank partnerships help address a
long-standing challenge of providing rural families in India with the financial services they need to build better lives,” says Michael Schlein, President and CEO of Accion.
“We are very thrilled and excited to join the Sub-K team. NMI has high expectations for Sub-K, thanks to its strong and customer centric concept, and highly competent management and staff,” says Arthur Sletteberg, Managing Director of NMI.
“This new capital infusion from Accion and NMI is a testament to Sub-K’s promise as a transformative provider of diversified financial services to low-income families across the country. We are thrilled to be a partner in Sub-K’s evolution and continued growth,” said Santhosh Ramdoss, Director – India Programs, Michael & Susan Dell Foundation.