Announces 1% Reduction in APR on Loans to Poor Households
Existing Investors Hivos Triodos Fonds and Lok Capital participate in the funding of the BASIX Group subsidiary
Bhartiya Samruddhi Finance Limited (BSFL), a Livelihood Promotion Institution today announced that it has closed its Series C with INR 118 Cr ($ 26 MM) of equity. Matrix Partners India has invested Rs. 100 crore as the lead investor in the funding of BSFL along with returning investors Hivos Triodos Fonds and Lok Capital, in a total transaction size of Rs. 118 crore. BSFL is the flagship company of the BASIX Group, promoted by Mr. Vijay Mahajan.
The BASIX Group is a conglomerate of financial and knowledge based social enterprises co-promoted by Vijay Mahajan in 1996. Over the years, the BASIX Group has promoted and supported several livelihood focused institutions such as BSFL, Krishna Bhima Samruddhi Local Area Bank (KBSLAB), BASIX Academy for Livelihood and Microfinance Practice (B-A-LAMP), BASIX Academy for Building Lifelong Employability (B-ABLE) and C-TRAN, an energy and environment advisory firm. BASIX also has a robust international consulting practice across five countries. Further information is available at www.basixindia.com