ADB invests $2 mn in Simpa Networks

NEW DELHI: Multilateral funding agency ADB today said it has made an investment of USD 2 million (about Rs 1.08 crore) in Simpa Networks, which offers a prepaid payment platform to enable affordable clean energy solutions for under-served consumers in India.

ADB has signed a USD 2 million equity investment in Simpa Networks, the funding agency said in a statement.

"The success of this entrepreneurial venture could lead to increased venture capital funding for inclusive business models which deliver goods and services to those at the base of the economic pyramid," it said.

Greater access to electricity in rural India will enable children to study beyond sunset, replace smoky fuels such as kerosene with clean solar energy, improve respiratory health of household members, and improve overall productivity of rural households, ADB said.