Mar 21 2018

BASIX Sub-K iTransactions Ltd, a Hyderabad based company focused on financial inclusion, has raised Rs.350 million from global nonprofit and financial inclusion pioneer Accion and Nordic Microfinance Initiative (NMI), a public-private partnership, owned by among others, the Norwegian and Danish governmental funds for developing countries. Intellecap served as the investment banker for the deal.

Founded in 2010, Basix Sub-K iTransactions Ltd., is a associate company of BASIX Social Enterprise Group. As of February, 2018, the company is operational in 23 states of India and manages a loan portfolio of Rs. 6.66 billion for various banks.

Sub-K will use a sizeable amount of the funds for business growth by investing in the expansion of its agent banking network and credit facilitation for micro and small businesses. Some of the amount raised will also be dedicated to strengthening its IT platform that would help the company position itself as a preferred fintech as well as distribution partner for banks and financial institutions.

Sasidhar Thumuluri, CEO of Basix Sub-K said, “Accion and NMI as well as our early investor Michael & Susan Dell Foundation share our vision of a financially included society. Building upon Basix’s two decades of work in financial inclusion, we will be able to continue to invest in innovations and increase our reach multi-fold, thanks to this investment.”