The amount is raised by Margdarshak via issue of non-convertible debentures with five years maturity period.
This long-term funding will enable Margdarshak to serve more poor households in the unchartered territories of the country, said Margdarshak managing director Rahul Mittra.
Margdarshak microfinance institution initiated in 2007 in Lucknow and has expanded its operational reach in Bihar, Uttrakhand, Uttar Pradesh, Haryana and Himachal Pradesh with a network of 120 branches. The companys total asset under management estimates at Rs 285 crore.
In 2001, United Nations led initiative has helped in founding the Blue Orchard, which becomes the first worldwide commercial manager of debt investments. The foundation has already invested in 350 institutions across 70 countries till date. Although, the Japan ASEAN fund majorly focuses on micro women entrepreneurs growth and provides financing opportunities for the same in Southeast Asia frontier and emerging markets.