SKS Microfinance Pvt. Ltd., one of the fastest growing microfinance company in the world, has announced the successful closure of a third round of funding in which it has raised Rs. 124 crores. The third round of funding is the largest microfinance investment in India till date. SKS Microfinance is the largest venture-backed microfinance institution in the world in terms of equity capital investment by venture capital funds.
Announcing the closure of the third round of funding, M. R. Rao, the Chief Operating Officer of SKS Microfinance said, “The closure of the third round of funding is essentially a proof-positive validation of the trust and belief of our investors in the SKS business vision and its growth potential.”
He added, “With a growth rate of nearly 170 %, we are already listed among the fastest-growing microfinance companies in the world having grown to over 1.5 million members with 650 branches across 15 states in India. Our aim is to target 5 million members by mid 2009. This infusion of funds will ensure that we continue to accelerate our rapid growth by reaching out and empowering maximum number of rural, semi urban and urban poor women to make them economically self reliant in a sustained manner.”