Fusion Microfinance plans to raise Rs 400 crore by end-March to finance its expansion plans, a senior company official said. The company has already raised Rs 700 crore in the current fiscal so far. Embarking on an ambitious business plans, the microfinance lender aims to increase its loan book by 60 per cent to Rs 2,400 crore in 2018-19. It primarily provides financial services to unbanked women in rural and semi-urban areas. The National Capital-based company also plans to hire another 1,000 employees in this calender year taking the headcount to over 4,000, company's CEO and founder Devesh Sachdev said. "We have raised around Rs 700 crore till December of this financial year and additional around Rs 400 crore by March 2018 is in the pipeline," he said. The company's loan book is estimated to nearly double to Rs 1,500 crore this fiscal from Rs 827 last fiscal, he said, adding that asset under management (AUM) has already reached over Rs 1,300 crore by December-end. "We are continuously aiming towards providing seamless financial services to the clients.
We have already touched the lives of 1 million households and we aim to reach out to more underserved/unserved population of India with operations spread across most of the states," said Sachdev. Fusion Microfinance is a registered NBFC MFI which operates in a Joint Liability Group lending model of Grameen. Fusion as an organisation was set-up in 2010. The lender has 341 branches in 14 states. Its clients comprises of 100 per cent women living in rural and semi-urban areas. Its focus is to reach out to unbanked and providing financial services to women entrepreneurs belonging to the economically and socially deprived section of the society.
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