Fintech firm BASIX Sub-K iTransactions has raised ₹75 crore from Maj Invest, a Denmark-based asset management company.
Announcing this on Wednesday, the Hyderabad-based firm, focused on financial inclusion, said it planned to utilise the Series C round funds for product innovation and strengthening the IT platform.
Sub-K facilitates financial services, including loans, savings, and payments to more than three million under-banked households and micro-enterprises across the country on behalf of multiple banks as a business correspondent. It has a network of field offices and agent outlets supported by technology infrastructure, a release said.
Managing Director and CEO Sasidhar Thumuluri said the fund raise comes at the “opportune time as we build up our tech stack and expand the business across partners and geographies. We will be able to continue to invest in innovations and increase our reach multi-fold, thanks to MajInvest.” The existing investors in the firm include Michael & Susan Dell Foundation, Accion and Nordic Microfinance Initiative (NMI).
