Annapurna Finance Valuation, Funding & Investors
Annapurna Finance is valued at $62M as of February 2019.
Last Annapurna Finance valuation
$62M
Undisclosed stage · Feb 2019
Last Annapurna Finance funding round
$15M
Series A · Jun 2022
Cumulative funding Annapurna Finance raised
$160M
across 10 funding rounds
Key investors in Annapurna Finance
Oikocredit International
Belgian Investment Company for Developing Countries
Bamboo Capital Partners
Asian Development Bank
Oman India Joint Investment Fund
DCB Commercial Bank Plc
About Annapurna Finance
Annapurna Finance is a Bhubaneswar-headquartered non-banking financial company operating as a microfinance institution in India. It extends loans and technical assistance to underserved rural women for income-generating activities. Branches span Odisha, Jharkhand, Bihar, and other states, delivering doorstep financial services. Annapurna Finance promotes self-help groups and livelihood programs to integrate clients into the formal economy.
Founded
2009
HQ
BhubaneswarWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$62M (Feb 2019)
Annapurna Finance Valuation
Annapurna Finance is currently valued at $62M, based on its undisclosed-stage round in February 2019.
The $19M round was led by Asian Development Bank.
Annapurna Finance valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2019 | Undisclosed stage | $62M |
Annapurna Finance Funding History
Annapurna Finance has raised a total of $160M across 10 funding rounds.
Annapurna Finance's first fundraising round was a $5M Series B in March 2014. The most recent completed round was a $15M Series A in June 2022.
Annapurna Finance funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2022 | Series A | Proparco (lead) | $15M | - | Annapurna Finance, a Bhubaneswar-based NBFC-MFI founded in 2009 by Gobinda Chandra Pattanaik and Dibyajyoti Pattanaik, provides micro-credit loans, home renovation loans, and MSME loans through a pan-India rural network of over 980 branches across 20 states, serving 2.3 million borrowers. The company reached a gross loan portfolio or AUM of Rs 6,500 crore by end of March 2022. In June 2022, Annapurna Finance raised $15 million in equity from Proparco, the private-sector arm of French Development Agency, in a Series A2 round, bringing the total round size to $100 million across four raises in 15 months: $30 million from Nuveen Global Impact Fund in March 2021, $20 million from DEG in November 2021, and $35 million from Encourage Capital, Accion, and Oikocredit in April 2022. Proparco transitioned from debt to equity partner in this investment. The funds support expansion of the loan book, technology investments for automated paperless solutions, geographic reach, and financial inclusion goals, particularly empowering rural women, with ambitions to become a major financial services player and pursue banking aspirations. Annapurna is also backed by Asian Development Bank, SIDBI Venture Capital, Oman India Joint Investment Fund, Belgian Investment Company, DCB Bank, Women’s World Banking, and Bamboo Capital Partners. |
| Dec 2021 | Undisclosed stage | Accion (lead); Encourage Capital (lead); Oikocredit International (lead) | $35M | - | Annapurna Finance, an Odisha-based non-banking financial company (NBFC-MFI) focused on microfinance, raised USD 35 million (INR 260 crore) in equity on December 24, 2021, from Encourage Capital, Accion, and existing investor Oikocredit. This marked the third capital raise for the company in 2021, following USD 30 million from Nuveen Global Impact Fund in March and USD 20 million from DEG in November, totaling USD 85 million for the year. The funds were intended to support the launch of green finance products, including clean and sustainable energy financing for small businesses and individuals, with advisory support from Encourage Capital and Accion on digital inclusion and scalable digital frameworks for rural women borrowers. As of September 2021, Annapurna Finance reported a gross loan portfolio of INR 5,128 crore, operating microfinance services across 336 districts in 19 states in India. Oikocredit's investment represented its fourth equity infusion since 2016, alongside prior debt investments starting in 2010, underscoring long-term confidence in the company's growth and social impact. Unitus Capital advised on the transaction. The company counts prominent investors including ADB, MUDRA, Oman India Joint Investment Fund, BIO, SIDBI Venture Capital, DCB Bank, Women's World Banking, and Bamboo Capital Partners. Annapurna Finance aimed to evolve into a fully digital financial services provider to enhance credit access in underserved rural areas. Later developments included a fourth raise of USD 15 million from Proparco, and subsequent annual reports highlighted growth in disbursements (INR 2,39,433 crore in FY22, up 27% YoY), borrowings (INR 4,783.78 crore raised in FY22), and capital adequacy ratios above regulatory limits. |
| Nov 2021 | Undisclosed stage | KFW DEG (lead) | $20M | - | Annapurna Finance, a Bhubaneswar-headquartered NBFC-MFI and one of India's top five microfinance institutions, raised $20 million (Rs 150 crore) in equity from German development finance institution DEG (KfW DEG) around November 25, 2021. This was the second equity infusion that year, following $30 million from Nuveen Global Impact Fund in March 2021. The DEG funds were intended to boost financial inclusion by expanding credit access to unserved rural populations, particularly women borrowers in rural India, and to strengthen the company's capital base. At the end of September 2021, shortly before the DEG round, Annapurna Finance reported a gross loan portfolio of Rs 5,128 crore and operated in 336 districts across 19 states. In FY 2021 (ending March 31, 2021), the company achieved revenue from operations of Rs 977 crore, reflecting 25.3% growth from the prior year despite pandemic challenges. It disbursed Rs 3,092 crore in loans during FY 2021, down from Rs 4,014 crore in FY 2020, with gross loan portfolio reaching Rs 4,241 crore in microfinance and Rs 552 crore in micro-enterprise loans. Annapurna raised additional capital in FY 2021, including Rs 228.66 crore via compulsorily convertible preference shares, boosting Tier I capital to Rs 991 crore and maintaining CRAR above regulatory limits. It also secured Rs 3,123 crore in debt funding through term loans, NCDs, ECBs, PTCs, and direct assignments from banks like State Bank of India and others. Profit after tax was Rs 1.82 crore in FY 2021 amid higher provisioning. The investment aligned with DEG's focus on developmental impact in emerging markets, with DEG emphasizing support for Annapurna's rural financial inclusion efforts. |
| Mar 2021 | Undisclosed stage | Nuveen New York Municipal (lead); Oikocredit International; Belgian Investment Company for Developing Countries; DCB Commercial Bank Plc; Oman India Joint Investment Fund; Asian Development Bank; Women's World Banking; SIDBI; SIDBI Venture Capital; Bamboo Capital Partners | $30M | - | Annapurna Finance, an Odisha-based NBFC-MFI, raised $30 million (Rs 220.6 crore) in primary equity on March 30, 2021, led by Nuveen Global Impact Strategy, with participation from existing investors including Asian Development Bank, Bamboo Capital Partners, Belgian Investment Company for Developing Countries, DCB Bank, Oikocredit, Oman India Joint Investment Fund, SIDBI, and Women's World Banking. The investment was through compulsorily convertible preference shares converting to equity within a year, granting Nuveen a significant minority stake and a board seat. Unitus Capital advised the fundraising. The funds aimed to expand the credit portfolio to women borrowers via joint liability groups and self-help groups, re-engineer business processes, digitize operations, and focus on east, central, and new south Indian markets. At the time, Annapurna operated 850 branches across 313 districts in 18 states, serving 1.8 million clients, mostly rural women entrepreneurs, with a gross loan portfolio of Rs 4,700 crore (March 2021 statement) or Rs 4,500 crore (December 2020). Total assets stood at Rs 5,755 crore, total borrowings at Rs 4,569 crore, and total loan assets at Rs 4,793 crore as of FY 2021. The company disbursed Rs 3,093 crore in FY 2021, down from Rs 4,014 crore in FY 2020 due to pandemic impacts. Financially, Annapurna reported revenue from operations of Rs 975 crore in FY 2021, reflecting 25.3% growth year-over-year, with profit after tax at Rs 1.82 crore after high provisioning for COVID-related asset impairments. Profit before tax and provisioning was Rs 193 crore, up from Rs 153 crore prior year. Equity raised in FY 2021 totaled Rs 228.66 crore, including this round and others, with debt raised at Rs 3,123 crore. This was the first of three raises in 2021, followed by $20 million from DEG in November and $35 million from Encourage Capital, Accion, and Oikocredit in December, totaling $85 million. By September 2021, gross loan portfolio grew to Rs 5,128 crore across 336 districts in 19 states, serving 2 million clients. Investors praised Annapurna's resilience through COVID-19 and potential in climate initiatives and acquisitions. |
| Feb 2019 | Undisclosed stage | Asian Development Bank (lead) | $19M | $62M | Annapurna Finance is a microfinance institution (MFI) headquartered in Bhubaneswar, Odisha, providing credit to underserved populations, particularly women in rural India through Joint Liability Groups (JLGs). The company diversified beyond core microfinance into MSME finance and affordable housing, operating approximately 500 branches across 277–336 districts in 14–19 states and serving 1.4–1.48 million borrowers. In February 2019, the Asian Development Bank invested Rs 137 crore (~$19.1 million) as a primary equity expansion, acquiring a 14% stake. The investment immediately expanded Annapurna's net worth to Rs 580 crore, representing the company's second major equity round in as many years following Oman India Joint Investment Fund's Rs 155 crore investment in June 2018. The ADB investment was part of broader equity capital infusions totaling Rs 292.65 crore in FY19, which strengthened Annapurna's Capital Adequacy Ratio to 23.53%, well above the RBI-mandated 15% benchmark for NBFC-MFIs. For the fiscal year ending March 31, 2019, Annapurna Finance reported total income of Rs 505 crore (up 48% from Rs 341 crore in FY18), demonstrating strong operational momentum. The company's gross loan portfolio reached Rs 2,420 crore by January 2019 and continued expanding to Rs 5,128 crore by September 2021, backed by a diversified investor base including SIDBI, Oikocredit, Bamboo Finance Partners, Incofin Investment, and later Nuveen Global Impact Strategy and DEG. |
| Jun 2018 | Undisclosed stage | Oman India Joint Investment Fund (lead); India SME Investments | $23M | - | Annapurna Finance Private Limited is a non-banking financial company-microfinance institution (NBFC-MFI) headquartered in Bhubaneswar, India, focused on providing microfinance services to rural and underserved populations, primarily women, to promote financial inclusion and empowerment. The company operates in multiple states, offering income generation loans and has expanded into micro, small, and medium enterprise (MSME) lending since a 2016 pilot in Odisha. In FY18 (April 2017 to March 2018), Annapurna Finance reported revenue of INR 341 crore, marking a 38% increase from INR 247.47 crore in FY17, driven by expansion in microfinance operations and a 55% growth in gross loan portfolio to INR 1564.88 crore from INR 1018.28 crore, supported by disbursements of INR 2094.77 crore. Profit after tax stood at INR 9.55 crore, down from INR 18.91 crore in FY17, amid higher provisioning expenses which rose 50% to INR 327.25 crore. The company's operational scale included growth in branches and client outreach, positioning it among India's top 10 NBFC-MFIs. Later developments show continued expansion, with AUM reaching INR 10,336 crore and revenue from operations at INR 2,060 crore in FY24. |
| Jul 2017 | Series A | Bamboo Capital Partners (lead); Oikocredit International; Belgian Investment Company for Developing Countries | $10M | - | Annapurna Finance is a microfinance institution and non-bank financial company (NBFC) based in Bhubaneswar, Odisha, India. The company provides financial services including microloans, small enterprise loans, and consumer durable loans to underserved rural populations across India. By the time of this funding round, Annapurna Finance had expanded operations to multiple states and was actively growing its loan portfolio and customer base. For the fiscal year ended March 31, 2018 (shortly after the July 2017 funding round), the company reported total revenue of INR 341 crore, representing substantial growth from the prior year. The company also received capital infusions from multiple investors during this period, including INR 32.36 crore from Bamboo Financial, INR 14.25 crore from RIF East II, and INR 14.35 crore from Oikocredit, helping grow net worth by 42% to INR 242.65 crore. |
| Mar 2016 | Pre-seed | DCB Commercial Bank Plc (lead) | $100K | - | - |
| Apr 2015 | Series C | Samridhi Fund (lead) | $4M | - | Annapurna Microfinance Pvt. Ltd. (AMPL), a Bhubaneswar-based microfinance institution, raised Rs 25 crore ($4.2 million) in a Series C equity round on April 8, 2015, from Samridhi Fund, managed by SIDBI Venture Capital Ltd. The funding increased the company's net worth to Rs 87.66 crore at the end of FY15 from Rs 58.64 crore in FY14, with paid-up capital growing 51.22%. Total assets expanded to Rs 483.32 crore in FY15. The capital infusion supported expansion of AMPL's gross loan portfolio, which grew to Rs 398 crore by March 2015 from Rs 182 crore in June 2014, reflecting 134% annual growth. The company operated in rural, tribal, and sub-urban areas, focusing on microloans to women in Joint Liability Groups. AMPL also received debt funding from State Bank of India, ICICI Bank, and Bank of Baroda totaling Rs 300 million in the quarter. |
| Mar 2014 | Series B | Belgian Investment Company for Developing Countries (lead); Incofin Investment Management | $5M | - | Annapurna Finance, operating as Annapurna Microfinance Pvt. Ltd., is a microfinance institution providing loans to rural clients in India, with products including group loans for income generation, sanitation, and education in cycles with loan amounts ranging from 5,000 to 30,000 INR at 22% reducing interest over 12-18 months. In March 2014, Belgian Investment Company for Developing Countries (BID) and Incofin invested Rs. 30 crore, comprising Rs. 6 crore equity and Rs. 24 crore as CEO. During FY14, the company disbursed Rs. 179.21 crore in loans, with outstanding own portfolio at Rs. 98.19 crore and managed portfolio at Rs. 72.20 crore as of March 31, 2014. Total revenue reached Rs. 25.89 crore, reflecting substantial growth from Rs. 10.55 crore prior year due to business expansion including 16 new branches. Capital adequacy ratio stood at 56.34%, with operational self-sufficiency above unity. |
Who has invested in Annapurna Finance?
17 investors have backed Annapurna Finance across its funding rounds, including Oikocredit International, Belgian Investment Company for Developing Countries, Bamboo Capital Partners, Asian Development Bank, Oman India Joint Investment Fund and DCB Commercial Bank Plc.
Lead investors include Proparco, Accion, Encourage Capital, Oikocredit International, KFW DEG and 7 other investors.
Annapurna Finance Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Netherlands | 3 | Lead | Jul 2017 | |
 Brussels | 3 | Lead | Mar 2014 | |
| India | 2 | Lead | Mar 2016 | |
| Mumbai | 2 | Lead | Jun 2018 | |
 Manila | 2 | Lead | Feb 2019 | |
 Luxembourg | 2 | Lead | Jul 2017 | |
 Cologne | 1 | Lead | Nov 2021 | |
 Washington, DC | 1 | Lead | Dec 2021 | |
 Paris | 1 | Lead | Jun 2022 | |
| Chicago, IL | 1 | Lead | Mar 2021 | |
| New York City, NY | 1 | Participant | Mar 2021 | |
| Agartala | 1 | Participant | Mar 2021 | |
| Mumbai | 1 | Participant | Jun 2018 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAnnapurna Finance Competitors
Annapurna Finance competitors include listed companies like FSA Group, Finance of America, Finbond Group Ltd and Eqdom, and private ones like Nebeus and F88.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 London | Private | $3M | - | $55M | 18.5x | |
 Hanoi | Private | - | - | $91M | - | |
 Australia | Publicly listed | $5M | ($35M) | $111M | - | |
| United States | Publicly listed | $412M | $143M | $133M | 65.5x | |
 South Africa | Publicly listed | $67M | - | $21M | - | |
 Morocco | Publicly listed | $207M | - | $261M | - |
Annapurna Finance Public Comps
Annapurna Finance is still privately-owned, but its public comps include Niyogin Fintech, Veefin, RMS Mezzanine, Dolla Financial Services, Minupar Participacoes, Kruso Kapital, Beforepay, Time Finance, Vroom and Purple Finance.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $25M | $1M | 2.8x | - | 52.5x | - | |||
| $36M | $8M | 2.4x | - | 10.5x | - | |||
| $3M | - | 71.4x | - | - | - | |||
| - | - | - | - | - | - | |||
| $85M | $81M | 0.4x | - | 0.4x | - | |||
| $43M | - | 4.6x | - | - | - | |||
| $36M | $10M | 2.1x | 1.8x | 7.5x | 6.1x | |||
| $50M | $11M | 1.4x | 1.3x | 6.0x | 5.4x | |||
This data is available for Pro users. Sign up to see all Annapurna Finance competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Annapurna Finance
| When was Annapurna Finance founded? | Annapurna Finance was founded in 2009. |
| Where is Annapurna Finance headquartered? | Annapurna Finance is headquartered in Bhubaneswar, India. |
| Is Annapurna Finance publicly listed? | No, Annapurna Finance is a private, VC-backed company. |
| What is Annapurna Finance's valuation? | Annapurna Finance was last valued at $62M in its undisclosed-stage round in February 2019. |
| How much funding has Annapurna Finance raised? | Annapurna Finance has raised $160M across 10 funding rounds. |
| What was Annapurna Finance's last funding round? | Annapurna Finance's last funding round was a $15M Series A in June 2022, led by Proparco. |
| Who are Annapurna Finance's investors? | Annapurna Finance's investors include Oikocredit International, Belgian Investment Company for Developing Countries, DCB Commercial Bank Plc, Oman India Joint Investment Fund, Asian Development Bank, Bamboo Capital Partners, KFW DEG, Accion, Proparco, Nuveen New York Municipal and 7 others. |
| Which companies are comparable to Annapurna Finance? | Companies comparable to Annapurna Finance include Nebeus, F88, FSA Group, Finance of America, Finbond Group Ltd and Eqdom. |
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