NBFC Annapurna Finance raises Rs. 155 Cr from OJIF
Bhubaneshwar based non-banking financial company Annapurna Finance Pvt Ltd. has raised Rs. 155 crore from Oman Joint Investment Fund (OIJIF), a private equity fund backed by India's largest State Bank of India.
OJIF is a joint venture between SBI and Oman’s State General Reserve Fund which has recently announced the second close of its second fund called "OJIF II" with commitments of $230 million.
The funding amount will be used by Annapurna Finance to expand its microfinance operations boosting its strong presence in eastern India and focus on rural customers. Moreover, the company also has plans to diversify itself into newer asset classes and invest in technology to increase operational efficiency.
Annapurna is promoted by social activist Gobinda Pattanaik who said that company...