Mar 21 2018

Mumbai, March 21, 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.

MAY, 03, 2018

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Under the services, Intellecap would assist its clients with transaction structuring and debt fund raising from banks, financial institutions, private placement of debt, commercial paper and external commercial borrowings, among others, it said in a statement.

Are inclusion riders imperative for better diversity?

If you had asked me this question 10 years ago, I would have said we do not need inclusion riders, and that women would rise to the top on merit. However, if we take a linear approach on the gender gap, it will take us 150 years to bridge it. Inclusion riders need to be adopted as a company-wide mission at the board level and driven top down if we want the diversity agenda to go beyond token representation of minorities.

India has initiated the inclusion process with new regulations, which mandate at least one independent female director on the board of a listed company. We have seen how effective the 30% club campaign has been in driving its signatories (companies on the Financial Times Stock Exchange 100 Index) to commit to greater representation (a minimum of 30%) of women on their boards. A diverse team gives you better business outcomes.

HYDERABAD, 22,MARCH,2018

BASIX Sub-K iTransactions Ltd, a company focused on financial inclusion, has raised Rs 35 crore from global non-profit and financial inclusion pioneer Accion and Nordic Microfinance Initiative (NMI).

The investors are a public-private partnership, owned by among others, the Norwegian and Danish governmental funds for developing countries (Norfund and IFU).

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 for 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, said: “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.”

Mar 21 2018

BASIX Sub-K iTransactions Ltd, a Hyderabad based company focused on financial inclusion, has raised Rs.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. Intellecap served as the investment banker for the deal.

Founded in 2010, Basix Sub-K iTransactions Ltd., is a associate company of BASIX Social Enterprise Group. As of February, 2018, the company is operational in 23 states of India and manages a loan portfolio of Rs. 6.66 billion for various banks.

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.

Sasidhar Thumuluri, CEO of Basix Sub-K said, “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 work in financial inclusion, we will be able to continue to invest in innovations and increase our reach multi-fold, thanks to this investment.”

Mar 8 2018

This week, the East Africa Venture Capital Association (EAVCA) with Intellecap Advisory Services released the Fintrek – which explores fintech opportunities in East Africa, new frontiers in fintech (defined as firms using technology to deliver financial products/services or capabilities to customers or others firms) and fintech investments in East Africa.

Asia Pacific and Africa have been harbingers of mobile payments and that is transitioning into fintech now. The Fintrek report notes three underlying factors driving fintech uptake as:

• (i) the use of alternative data to generate credit takings of the unbanked (and deliver services to them cheaply e.g no need for bank branches),
• (ii) peer to peer networks (decentralized collaboration, payments across borders, unregulated) and
• (iii) the emergence of nontraditional players (telcos, wallets like Google Pay & Apple Pay, e-retailers like Amazon)

Regionally, Kenya is seen as a leader in the region owing to its levels of deposit penetration, deep financial sector penetration, and smartphone ownership (at 44% compared to less than 10% for Tanzania Uganda Rwanda and Ethiopia). Kenya is where most fintechs are setting up, and Kenya-based fintechs have raised $204 million between 2000 and 2017 which is 98% of the funding to the region.

Mar 8 2018

As a consultant at Deloitte’s San Francisco office, looking into the strategy and operations of technology, media and telecommunications companies, Nisha Dutt was as far removed from the world of social impact as could be. “I didn’t even know that ‘multilaterals’ referred to institutions like the World Bank,” she says candidly.

Yet, within five years of joining impact investment advisory services firm Intellecap as a senior manager—”I had to return to India for personal reasons. Intellecap pursued me, and I felt the work they were doing was interesting,” she offers—Dutt rose to become CEO. Today she is credited for growing the Hyderabad-based entity into a globally recognised advisory firm that offers investment banking, consulting and research services focussed on the bottom-of-the-pyramid (BoP).

When she joined in 2009, Intellecap—part of the Vineet Rai-run Aavishkaar-Intellecap Group—primarily advised microfinance institutions and multilaterals. But given her earlier avatar, Dutt couldn’t understand why corporates were being left out of Intellecap’s ambit. “Intellecap truly believed in private sector-led development, so I couldn’t understand why they were leaving out such a huge part of the private sector,” she says.

Moreover, it was a time when the mid-market segment was getting increasingly saturated and corporates were looking to target BoP consumers. Leveraging Intellecap’s deep understanding of this base, Dutt went about advising companies such as Unilever on product innovations, go-to-market strategies and distribution, opening up a new revenue stream for Intellecap—”which became much larger than anything else they were doing,” says Dutt, declining to share revenue figures. The company, however, points out that CAGR stands at 21 percent between 2011 and 2018.

Almost a decade on, Dutt continues to be entrepreneurial within the organisation, developing solutions to fill “white spaces” in the market. She spearheaded Startup Wave, a virtual incubation lab to help entrepreneurs in remote parts of the country access the knowledge and mentorship they need; and Creditree to help women entrepreneurs get loans from banks and NBFCs.

Last year she set up Innovation Labs, a platform that scours the best innovations globally, and adapts them to serve the Indian market. For instance, given the proliferation of non-communicable diseases such as diabetes among India’s low-income population, Dutt sourced Israeli and US-based technologies to help with early detection and then keep patients within the medication-and-care loop. In a pilot that was run in Bengaluru, detection rates went up by three times and a large percentage continue to be kept within care. “I always say you should be patriotic about the problem, but democratic about the solution,” she smiles, adding that Innovation Labs turned profitable within a year of operations, a difficult feat to pull off in this space.

Anil Sinha, an ex-International Finance Corporation and World Bank veteran who has worked closely with Dutt, says, “Her on-ground knowledge as well as her courage and conviction to build the ecosystem make her a visionary.”

March 6, 2018

As a consultant at Deloitte’s San Francisco office, looking into the strategy and operations of technology, media and telecommunications companies, Nisha Dutt was as far removed from the world of social impact as could be. “I didn’t even know that ‘multilaterals’ referred to institutions like the World Bank,” she says candidly.

Yet, within five years of joining impact investment advisory services firm Intellecap as a senior manager—“I had to return to India for personal reasons. Intellecap pursued me, and I felt the work they were doing was interesting,” she offers—Dutt rose to become CEO. Today she is credited for growing the Hyderabad-based entity into a globally recognised advisory firm that offers investment banking, consulting and research services focussed on the bottom-of-the-pyramid (BoP).

When she joined in 2009, Intellecap—part of the Vineet Rai-run Aavishkaar-Intellecap Group—primarily advised microfinance institutions and multilaterals. But given her earlier avatar, Dutt couldn’t understand why corporates were being left out of Intellecap’s ambit. “Intellecap truly believed in private sector-led development, so I couldn’t understand why they were leaving out such a huge part of the private sector,” she says.

Moreover, it was a time when the mid-market segment was getting increasingly saturated and corporates were looking to target BoP consumers. Leveraging Intellecap’s deep understanding of this base, Dutt went about advising companies such as Unilever on product innovations, go-to-market strategies and distribution, opening up a new revenue stream for Intellecap—“which became much larger than anything else they were doing,” says Dutt, declining to share revenue figures. The company, however, points out that CAGR stands at 21 percent between 2011 and 2018.

Jan 18, 2018

With just 13 years left for achieving the sustainable development goals, there still exist significant gaps in investment, finance and political will, which will require partnerships and collaborations between all stakeholders. In an exclusive interview with BW Businessworld, Nisha Dutt, CEO, Intellecap, discusses the way forward in establishing social defaults, ensuring an equitable future for all, and the need for collective action.

What according to you is the way forward in establishing social defaults and ensuring an equitable future for all?

We live in transformative times. Today, in an interconnected and extremely dynamic world – we possess a diverse range of technology and resources with which we can solve challenges to create an equitable future for all. But to ensure this future, we must understand the importance of working together to exchange knowledge and networks; distribute gains impartially, and work on providing all stakeholders with improved quality of life, that ensures mental and physical well-being. Establishing new social defaults require a multi-stakeholder approach; we need entrepreneurs, innovators, investors, corporates, academics, policymakers, and other thought-leaders from around the world to come together, deliberate and discuss their roles, and create a roadmap for shared prosperity; only then can we ensure an equitable future for all.

How can innovative finance be used to finance the establishment of social defaults?

The UN SDGs are extremely important in establishing new social defaults, but based on a recent UN estimate, there is a USD$ 2.5 trillion investment gap across developing countries to achieve the 17 SDGs. If we have to use innovative finance to establish our social defaults, we have to close this investment gap by exploring new routes to access capital like citizen-driven crowdfunding, or the use of cryptocurrency for development. We will need to reconfigure the channels of capital flows, and modes through which investments are made – using more innovative structures such as blended finance models. The challenge actually lies in enabling these innovative structures, we need to critically think of elements that will form an enabling ecosystem and the kind of actions we will have to take to make innovative finance work in favor of our new social defaults.

What does the future for work and employment entail in an equitable world?

Innovations in automation, AI systems, and robotics are leading us into a world with an “augmented workforce.” With growing automation, the future of work and employment seems to be one that is fair to all, the rise of an augmented workforce, for instance, would mean reduced drudgery and increased productivity – making leisure a possibility for all. But these ideas are nascent, to ensure there is a future of work and employment, and to ensure it exists in an equitable world – we will need to work towards securing livelihoods for those with no access to employment, appropriately skilling the workforce so people remain relevant, and ensuring that the automated, augmented workforce is not one that will take over; but assist in creating an equitable, comfortable, and secure world for everyone.