Fusion Microfinance has raised Rs 80 crore of equity from existing shareholders such as Creation Investments, Oikocredit and GAWA Capital, the company announced on Thursday.
The equity raising took place over the last two months and concluded a few days back, chief executive Devesh Sachdev told ET.
The capital was raised in a combination of preference shares and allotments to employees, Sachdev said. The foreign holding in the firm have now risen to 88% from 85% earlier.
He has, however, refused to give details of individual shareholding.
The funding will help Fusion Microfinance to leverage better and borrow more. It has raised Rs 700 crore in debt in the first nine months of FY18 and looks to raise another Rs 300-400 crore in the fourth quarter.
“We have been able to maintain a healthy growth rate and are bracing ourselves up for the next phase of expansion,” Sachdev said.
The firm plans to grow loan book by 60% in 2018-19. Its gross loan portfolio stood at Rs 1,400 crore as the end of January from a business across 358 branches in 14 states.
The MFI said it plans to hire about 1000 people next fiscal to raise headcount to 4000. It lends to women mostly in north and central India.
Source: Economic Times