Muthoot Microfin to raise Rs 130 cr from Chicago’s Creation Investments

By: | Published: January 25, 2017 3:54 AM

The microfinance business of Muthoot Pappachan Group has raised growth capital of Rs 130 crore from Chicago-based PE fund Creation Investments. Post infusion, Creation will hold 11% stake in Muthoot Microfin Ltd. (MML) Private Equity Investment values the company at Rs 1,111 crore.

Muthoot Finance (PTI)Muthoot Finance (PTI)

The microfinance business of Muthoot Pappachan Group has raised growth capital of Rs 130 crore from Chicago-based PE fund Creation Investments. Post infusion, Creation will hold 11% stake in Muthoot Microfin Ltd. (MML) Private Equity Investment values the company at Rs 1,111 crore.

MML proposes to open 500 new branches in the next 3 years to expand its footprint pan India, Thomas Muthoot, executive director, Muthoot Pappachan Group, said, “The capital will also be used to adopt the most advanced technology to enable reach to the last mile and to make cashless transactions for micro loans. The investment would be used to further penetrate mobile based collection technology in rural areas,” he added.

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