| BELLWETHER MICROFINANCE FUND |
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| Bellwether, launched in 2005, is an Indian on-shore equity and debt fund that invests in start-up and mid-sized Indian microfinance institutions. |
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| Bellwether's objectives include to: |
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Accelerate capital flow to the microfinance sector through a wide range of advisory and facilitation services |
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Enable financially viable MFIs to scale up their operations and/or transform themselves in to responsible, regulated entities |
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Contribute significantly to an increased access to financial services of underserved groups across India irrespective of creed, caste, or gender |
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Deliver a competitive financial return along with a significant social return to its investors |
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Contact:For more information about Bellwether, please email us at info@caspian.in
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Bellwether has established itself as a pioneering catalyst in the Indian microfinance space, through its work as the first on-shore microfinance fund in the private sector.
By applying venture capital funding, debt structuring, convertible debt, and transformational capital to MFIs, Bellwether has not only developed innovative investment structures for MFIs, but has also aided in building the next generation of regulated financial institutions in the country (NBFCs). |
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| Bellwether made its first investment in May 2005. As of March 2009, Bellwether ‘s 13 microfinance investments in India currently serve close to 1 million underserved clients and are being sustainably and strategically empowered to serve approximately 10 million clients in the next 5 to 7 years. Bellwether’s portfolio is composed of: |
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A Little World |
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 ALW is a Mumbai-based microfinance enabler. ALW's business focus is aimed at developing and deploying technology to connect the rural population to the formal banking system; enrolling and savings accounts clients for banks in rural areas and expanding use of other products and services such as insurance and remittance. ALW is the developer of ZERO, India's first domestic payment system whose focus is on reaching out to the masses with the lowest available communication infrastructure. As of June 2009, ALW has linked up with 22 banks in the country, including having a mandate with the State Bank of India – India’s largest bank with the most expansive rural network - and currently serves approximately 3.5 million clients across the country. Furthermore, in the first half of 2009, ALW was awarded the title of “High Impact Highly Scalable Social Models" at the Sankalp Awards in Mumbai, India.
For more information about A Little World, please visit http://www.alittleworld.com/ |
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Arohan Financial Services |
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 Arohan is an urban MFI presently based out of Kolkata and intends to expand to other parts of West Bengal and eventually to other states in eastern and north-eastern India. The mission of Arohan is to provide financial services to the socio-economically disadvantaged and enable them to attain a better quality of life. Arohan uses a combination of the Grameen and the Joint Liability Group methodology to serve its client base which includes micro-entrepreneurs in the trade, services & manufacturing sector. Arohan seeks to reach out to 400,000 customers by March 2012.
For more information about Arohan, please visit http://www.arohan.in/ |
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Credible Microfinance Pvt Ltd |
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 Credible Microfinance Pvt Ltd was set up to transform the microfinance program of Orissa’s largest NGO BISWA, into a regulated, for-profit financial institution. Once this is complete, Credible will emerge as a financially strong and socially responsible institution, working closely with the parent NGO to bring financial services to the poor in the region.
For more information about Credible, please visit http://www.biswa.org/ |
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Equitas Micro Finance |
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 Established for extending business loans to women micro-entrepreneurs with limited access to formal financial services, Equitas Micro Finance India (P) Ltd recognized the power of the Grameen model’s front-end and follows it with suitable adaptations. Also, Equitas appreciated the need for an efficient back-end system to enable rapid scalability in order to serve the needs of credit-thirsty micro-entrepreneurs. As a result, Equitas has developed a business model and demonstrated its success by reaching over 350,000 members by March 2009. In tandem with its rapid growth, Equitas has deployed a wide range of customer-friendly measures as well as portfolio risk management processes. ‘Equitas’ is a Latin word that translates to being equitable, fair and transparent. True to its name, Equitas aims to be the leader in the microfinance industry by setting benchmarks in the industry in terms of being fair and transparent to customers. In line with this objective, Equitas has taken a clear stand of communicating our all-inclusive IRR interest rate to all our members. Equitas is probably the only MFI in the world to have done this. Equitas has reached quite a number of milestones for a young start-up company. CRISIL has accorded Equitas an mfR3 grading; which is the highest for a microfinance company in its first year of operations. The company also has the distinction of securing the highest equity for a start up MFI in the country.
For more information about Equitas, please visit http://www.equitas.in |
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Janalakshmi Financial Services |
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 Having commenced operations in 2006, Janalakshmi is built on the unique concept of harnessing the strength of a market-oriented business strategy while catering to a customer segment that has traditionally been outside the mainstream financial services sector. The Company seeks to move beyond the narrow definition of ‘micro-credit’ to a broader based one of ‘microfinance’, encompassing a range of financial services including credit, savings, insurance, and remittance services.
For more information about Janalakshmi, please visit http://www.janalakshmi.com |
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MAS Financial |
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 Established in 1988, MAS has the goal of being one of the most efficient distributors of financial services, having a very wide reach with a significant market share in the distribution of microfinances. MAS is a leader in its focus state of Gujarat with 61 branches and more than 1400 locations' reach, and caters to the credit needs of micro entrepreneurs through its unique banking and distribution approach to microfinance. As of June 2009, MAS currently has a base of more than 250,000 customers.
For more information about MAS, please visit http://www.mas.co.in/home.aspx |
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Mimoza Enterprises Finance Pvt Ltd |
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 "Mimoza Finance’ is the brand name under which Mimoza Enterprises Finance Pvt. Ltd. carries out microfinance operations. The vision of the company is to deliver financial services to poor households in a sustainable manner. Head-quartered in Dehradun, Mimo Finance (Mimo) works with the poor population in the four states of Uttarakhand, Uttar Pradesh, Himachal Pradesh and Haryana. Mimo Finance’s works in rural and semi-urban areas along the major highways and surrounding towns and aims to reach 1 million customers by 2015.
For more information about Mimo, please visit http://www.mimofin.com |
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Paras Capfin |
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 Paras Capfin commenced operations in April 2008 in Mumbai with the aim to provide a wide array of financial services in the urban and semi-urban regions across India. Paras shall use both the Joint Liability Group and Individual lending methodology in serving its clients. Paras hopes to reach 400,000 poor households within 5 years of operations, thereby emerging as one of the largest players in the region.
For more information about Paras, please visit http://parascapfin.com |
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Sahayata Microfinance |
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 Sahayata is based in Udaipur, Rajasthan and provides financial services based on the Grameen model to its target clientele of urban poor women who contribute to the family income through marginal occupations and having virtually no access to bank credit, have been largely dependent on local moneylenders for their credit requirements. Sahayata seeks to help their customers by providing them with financial services in a socially responsible and sustainable manner.
For more information about Sahayata, please visit http://www.sahayata.co.in |
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Sonata Finance Pvt Ltd |
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 Sonata commenced operations in January 2006 from its base in Allahabad, Uttar Pradesh and uses a modified Grameen method in providing financial services to poor women. In August 2007, Sonata acquired the portfolio of Jeevika, a livelihood support organization in Jabalapur, Madhya Pradesh. Sonata has thus extended its outreach to two major states in Central India, one of the more challenging regions for the provision of financial services to the poor.
For more information about Sonata, please visit http://www.sonataindia.com |
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Swayamshree Micro Credit Services (SMCS) |
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SMCS is a Section 25 Company registered under Companies Act 1956 in the year 2003. Their operations are spread across 24 districts of Orissa. Their present outreach is Rs.47.35 cr. to 51,636 clients. They have a number of loan products i.e. Small Business, Long term loan for Allied Agriculture & Housing. SMCS also offers insurance services and they have tied up with mainstream Insurance Companies like: LIC, United India Insurance, Birla Sun Life and National Insurance Company. Finally, SMCS provides Capacity Building trainings to the SHG clients for strengthening their skills with the support of SIDBI, NABARD and they also conduct studies on the impact of our finance on the livelihood of the poor. |
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Trident Microfin |
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 Trident Microfin is a new generation microfinance institution established in 2007 and headquartered at Hyderabad in Andhra Pradesh. The Company was promoted by highly qualified microfinance professionals with the motto 'to reach the unreached' with financial and business solutions to low income individuals and enterprises. Beginning with Telangana region of Andhra Pradesh and Vidarbha region of Maharashtra, the Company aims to expand to adjoining states of Madhya Pradesh, Chhattisgarh and Northern Karnataka in 3-5 years time and reach out to 250,000-300,000 households.
For more information about Trident, please visit http://www.tridentmicrofin.com/ |
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Ujjivan Financial Services |
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 Ujjivan’s mission is to provide financial services to the economically active poor to enable them to build a better life. The Company aims to expand nationally in both urban and rural areas and to cover at least two million poor customers by the 6th year of operations. Furthermore, Bellwether’s Investee Companies currently serve close to 1 million Ujjivan was ranked 1st in the microfinance industry as the 'Best Place to Work' in 2009 by the Great Place to Work Institution in India and the Economic Times.
For more information about Ujjivan, please visit http://www.ujjivan.com
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| The following investors have expressed their continued support in Bellwether Microfinance Fund by participating in, and contributing to, the Fund’s success: |
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FMO |
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FMO was founded in 1970 by the Dutch government, private sector, employers and employee organizations. Since its inception, FMO’s aim has been to empower entrepreneurship in emerging |
economies in order to further development. For more information about FMO, please visit http://www.fmo.nl/ |
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Gray Ghost Microfinance Fund |
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The Gray Ghost Microfinance Fund is a fund of funds focused exclusively on investments in microfinance funds that supply start-up and expansion capital — both debt and equity — to microfinance institutions (MFIs) around the world. For more information about GGMF, please visit http://www.grayghostfund.com/ |
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Hivos-Triodos Fonds Foundation |
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The Hivos-Triodos Fund Foundation, founded in 1994, is a joint initiative of the Humanist Institute for Development Cooperation (Hivos) and Triodos Bank. With this fund the two organisations |
make it possible for Dutch people to become involved, through special savings accounts and by giving guarantees, in microfinance activities worldwide. For more information about Triodos Bank and funds managed, please visit http://www.triodos.com |
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Triodos Doen |
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Triodos-Doen started in 1994 at the initiative of DOEN Foundation and Triodos Bank. One of the key elements of its strategy is to invest in the equity of specialised MFIs, including start-ups, |
and to be actively involved in the governance of these institutions. The fund is one of the four specialised microfinance funds under management of Triodos Investment Management, a 100% subsidiary of Triodos Bank. International recognition was given to the bank’s pioneering role in the world of sustainable and transparent banking when the Financial Times named Triodos Bank the Sustainable Bank of the Year in 2009. As at 30 June 2009 the total assets under management in microfinance amounts to EUR 190 million.
For more information about the Triodos Doen Foundation, please visit http://www.triodos.com/microfinance |
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Private Investors |
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