Kolkata: Non-banking finance company Northern Arc Capital has raised $25 million debt from Dutch impact investor FMO, making it the second debt mobilisation from overseas investors in as many months. Last month, it raised $10 million from the US-based Calvert Impact Capital.
The infusion by overseas investors marks their confidence on India s grassroots loan market despite the headwinds amid the pandemic.
The funding from FMO will be used for on-lending to financial institutions that focus on women borrowers, micro-entrepreneurs and small enterprises, Northern Arc chief operating officer Bama Balakrishnan said.
Microfinance borrowers in both urban and rural areas will be key beneficiaries of FMO’s investment.
FMO provides $25m debt financing to Indian NBFC Northern Arc
April 8, 2021
Dutch development bank FMO has provided debt financing of $25 million to Indian non-banking financial company (NBFC) Northern Arc, it said in a statement.
The Chennai-based digital debt platform said it will use the capital for on-lending to financial institutions that focus on women borrowers, micro-entrepreneurs and SMEs.
This is the fourth investment secured by Northern Arc in the last 12 months. It has attracted debt financing from global development financial institutions and impact investors including US International Development Finance Corporation, Asian Development Bank and Calvert Impact Capital.
In its statement, FMO said its investment will benefit microfinance borrowers in both urban and rural areas, including under-banked households and small businesses, as well as microlenders catering to women, all of whom have been hit hard by the COVID-19 crisis.
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Use of muzzle prints may double cattle insurance business
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Use of muzzle prints may double cattle insurance business
Mayur Shetty / TNN / Updated: Mar 3, 2021, 11:42 IST
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MUMBAI: The market for insuring cattle could potentially double with technology that helps in identifying them using images of their muzzles (noses), which is as unique as a human fingerprint.
One of the biggest issues faced by insurers is that they can never be sure if a cattle claim is for an animal they have insured. As a result, only 4% of cattle are insured while 7-8% are funded through bank loans.
Dvara E-Dairy Solutions, an arm of Dvara Trust (formerly known as IFMR Trust), has developed a mobile application that can scan the muzzle print. This is considered as a unique biometric identifier for cattle such as cows and buffaloes. Dvara has tied up with insurance companies and aims to provide cover for close to 1 million heads of cattle using this technology.
Govt empanels Dvara Trust as a cluster-based business organisation to form FPOs
January 20, 2021 The Small Farmers’ Agri-Business Consortium (SFAC), Ministry of Agriculture and Farmer Welfare, Government of India has empanelled Dvara Trust as a Cluster-Based Business Organisation (CBBO) to form nine Farmer Producer Organisations (FPOs) as part of the central sector scheme.
As a result of this empanelment, Dvara Trust’s agfintech strategic business unit (SBU), Dvara E-Registry, will create five FPOs in Maharashtra and four in Rajasthan. The e-Registry is based at Hyderabad and wors towards building a digital platform that enables all stakeholders in the agri-value chain. Its initiative has so far reached over 55,000 farmers from over 362 villages across 19 districts in 8 States, a statement issued by the registry said.