BASIX Sub-K iTransactions Ltd., a Hyderabad based fintech company focused on financial inclusion, has raised Rs 22 crore through a second round of funding from its existing investors Accion, Nordic Microfinance Initiative (NMI), and Michael & Susan Dell Foundation. Intellecap served as the investment banker for the deal.
Sub-K had originally closed a first tranche fundraise of Rs 35 crore in March 2018. Cumulatively, the company has raised Rs 57 crore in Series B round to deepen financial inclusion in India.
Sub-K currently provides affordable, high-quality financial services, including loans, basic banking services, and payments to more than 22 lakh customers across the country. The company has built an extensive network of field branches and business correspondent agents, supported by cutting-edge technology infrastructure developed by the its Hyderabad-based engineering team. The company will deploy the fresh capital to expand its reach, strengthen technology capabilities and fintech expertise, and to launch innovative digital financial services targeting low-income clients.
Talking about this funding Sasidhar Thumuluri, MD & CEO, BASIX Sub-K said, “Thanks to our current investors’ continued faith in Sub-K’s business model and its ability to deliver results, this capital round is quite timely as we just began implementing our new strategic plan. I am more confident than ever that we will be able to innovate fast and create greater impact”.
“We are excited to help BASIX Sub-K bring financial services closer to the customer through this investment and our advisory support. The company’s agent banking network and use of technology can help last-mile customers who are left out of the formal financial sector,” said Michael Schlein, President and CEO of Accion.
“NMI is highly confident in BASIX Sub-K’s innovative approach to financial inclusion. We’re very happy to join this capital injection round to ensure even stronger growth,” said Arthur Sletteberg, Managing Director of NMI.
“Sub-K’s growth and the close of this fundraise is a testament to the company’s commitment towards expanding access to financial products to low-income families in India. This is core to the foundation’s commitment to improve the financial stability of low-income families, and we are thrilled to have Sub-K as a partner in continuing this work,” said Santhosh Ramdoss, Director – India Programs, Michael & Susan Dell Foundation.