December 19, 2016 / 3:39 PM / 8 months ago

BRIEF-IFMR Capital says to raise $50 mln funding from Standard Chartered Private Equity

Dec 19 (Reuters) - IFMR Capital:

* Co to raise $50 million funding from Standard Chartered Private Equity

* Says as part of transaction, existing investor LeapFrog has partially sold its stake in co, will remain "key investor" Source text : Chennai, December 20, 2016: IFMR Capital, a leader in providing access to capital markets to financial institutions serving excluded individuals and businesses, is raising USD 50 millionfrom Standard Chartered Private Equity (SCPE), with the first tranche of USD 17 million already completed. This is close on the heels of IFMR Capital's second institutional funding of USD 25 million raisedfrom Eight Road Ventures in November, 2016.This investment will take the total funds raised by IFMR Capitalto USD 104 million since 2014.The fresh round of investment will help the companyfurther strengthen its business in unbanked sectors including affordable housing finance, small business, vehicle finance, agriculture finance, microfinance etc. It will also enable the company to bolster its product innovation, and address the capital needs of a growing breed of new-age financial institutions in other sectors. As part of the transaction, existing investor Leapfrog has partially sold its stake in the company. Leapfrog invested USD 29 million in IFMR Capital in 2014 and will remain a key investor.

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