Greater Pacific Capital invests $50 million in Muthoot Microfin
With this funding, Muthoot Microfin will look to double its asset under management to ₹10,000 crore in three years
Muthoot Microfin Ltd (MML), the microfinance business of the Muthoot Pappachan Group, has received $50 million from private equity firm Greater Pacific Capital.
Currently, MML has 850 branches across 16 States, covering 257 districts. With this round of funding, the company will look to double its assets under management from ₹5,000 crore ($670 million) currently to ₹ 10,000 crore ($1.3 billion) over the next 2-3 years. The plan includes opening 500 new branches.