Thursday, October 26, 2006

Microfinance Fund raises second round funding

The Bellwether Microfinance Fund, a fund that invests in Microfinance Institutions in India has raised a second round financing of $10 million, reports The Financial Express.

The fund was originally set up with $10 million equity.
"The fund was set up with $10 million with contributions from our investors like Triodos, Gray Ghost Arun Duggal and Kishore Munjani. We have now firmed up another $10 million, out of which $5 million is coming from our existing promoters, while FMO, the Dutch government-owned financial institution, has provided $2.5 million in equity capital. Another $3.5-5 million is being negotiated with a major US-based financial institution," Viswanatha Prasad, one of Bellwether’s promoters, told FE.

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