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Chennai, April 1, 2022: Belstar Microfinance Limited, a subsidiary of Muthoot Finance Limited (The Muthoot Group) has raised equity capital of Rs. 275 crores from a new investor, Affirma Capital along with existing investors Muthoot Finance and Maj Invest. This comes at a time when the Reserve Bank of India has issued a new regulatory framework for Microfinance Loans on 14th March 2022. This infusion is a testament of the confidence that the investors have in Belstar.
Speaking about the fund infusion in Belstar Microfinance Limited, Mr. George Alexander Muthoot, Managing Director, Muthoot Finance said, “The people at the bottom of the pyramid were most impacted during the pandemic and access to finance helps them the most, besides aiding to kickstart the economy. Microfinance is more of a necessity for many small borrowers and businesses and is a great way to empower the purchasing power of the people who are at the bottom of the pyramid and also assist in empowerment of rural women. The sector is well regulated by the RBI, and keeping in mind the new regulatory landscape, the funding received will help Belstar Microfinance strengthen its balance sheet and also support in growing the loan book.”
Dr. Kalpana Sankar, Managing Director and Mr. Balakumaran Executive Director of Belstar said, “At Belstar, we are very passionate about empowering women and helping them build sustainable livelihood. We are thankful to the investors for having faith in us and the present round of equity funding of Rs. 275 crores not only reflects the confidence of the investors in us but also the opportunity in the microfinance sector.”
Mr. V.A. George, Independent Director on the Board of Belstar said, “Such a significant equity fund infusion from trusted investors adds up to the management’s responsibility and Board members to not only live up to their confidence but also to diligently work towards an effective transformation and benefit the larger targeted audience - microfinance customers.”
Mr. Vijay Nallan Chakravarthi, Managing Director, Affirma Capital, who will be joining Belstar’s board, said “We were impressed by the Company’s ability to manage the book quality despite multiple external shocks. We are excited to partner with the management team to aid in establishing Belstar as a leading tech-enabled rural lender.”
“It is our privilege to partner with The Muthoot Group and support Dr. Sankar and the Belstar management team that has been able to build a very strong and differentiated MFI franchise. We look forward to working closely with Belstar and assisting them in their next phase of growth”, said Udai Dhawan, Partner at Affirma Capital
David Paradiso, Partner at Maj Invest said, “We are excited to continue our journey with Muthoot Finance and Dr. Kalpana Sankar in empowering rural women through microcredit. Despite the outbreak of COVID-19, Belstar has shown strong conviction to its mission and has consistently outperformed the industry in terms of multiple performance metrics. The investment from existing investors and Affirma will help expand Belstar’s capital base to support its growth plans.”
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