Piramal Alternatives, the fund administration division of the Piramal Group, has introduced an funding of ₹600 crore in Annapurna Finance Private Ltd., a non-banking finance firm focussed on microfinance.
“The deal involved a combination of secondary purchase of shares and providing Tier-2 capital. The structured capital solution will help fuel the risk calibrated growth of the company’s assets under management,” the corporate stated in a press release.
“Microfinance as a retail asset class has grown at CAGR of 32% over the last decade and expected to continue the high growth trajectory,” stated CEO Kalpesh Kikani. “Further, it serves as a catalyst for economic development and stands as a cornerstone for a nation’s growth, fostering financial inclusion and prosperity,” he added.
“A seasoned player like Annapurna, having traversed multiple cycles, is well-positioned to capture the growth opportunity. Through Piramal Alternatives, we are committed to providing bespoke and value-accretive capital to support Annapurna’s growth aspirations in this promising sector,” Mr. Kikani stated.
