IFMR Holdings raises $25 mn from Accion, LeapFrog & Lok Capital

NEW DELHI: IFMR Holdings, a financial inclusion platform, today said it has raised $25 million (about Rs 163 crore) in equity from Accion, LeapFrog Investments and Lok Capital.

Accion is investing $12.5 million of the total investment, while LeapFrog Investments will invest $9 million and Lok Capital $3.5 million, it said in statement.

The new capital will allow IFMR Holdings to accelerate its financial inclusion work across India, it added.

Highlighting the opportunity, it added that 86 per cent of Indians do not borrow from a formal source, only one out of every two Indians has a savings account, and insurance penetration is barely 4 per cent.

"This comes at an important inflection point for IFMR Holdings. Against the backdrop of a very favourable policy environment for financial inclusion, we are accelerating growth across all our businesses," Bindu Ananth, Chair of IFMR Trust, the promoters of IFMR Holdings, said.