Sequoia invests in SKS microfinance

Mumbai, Mar 29 (UNI) SKS microfinance, a new generation microfinance institution today announced its latest equity investment of US $ 11.5 million (Rs 50.6 crore) with sequoia capital as its lead investor.

Other investors include unitus equality fund, Vinod Khosla, Ravi Reddy, Odyssey capital and- from a previous round -SIDBI. The funds will provide the stimulus that SKS needs to achieve its goal to provide services to over five million poor families by 2010. SKS has an outreach of nearly six lakh women borrowers in 7200 vilages in 11 states of India.

Speaking on the announcement Vikram Akula, founder&CEO SKS microfinance said today SKS has created a model whereby leading global private equity firms sequoia feel confident in channeling capital to the hands of the poor.

He further said this is significant because it will encourage more commercial capital to come into microfinance and that will ultimately enable greater financial inclusion for India's 400 million people.

UNI