Incofin Investment Management a Belgium based fund has invested Rs 4.5 crore in Fusion Microfinance (http://fusionmicrofinance.com), a Delhi based microfinance startup which operates in north India. The company has been founded by Devesh Sachdev, Ashish Tewari and Ankur Singhal and started its operations only in January 2010. The microfinance institution recently acquired the microfinance division of Aajeevika (a non profit body).
Fusion has around 2,600 clients in three states and operates through four branches, and has a loan book of Rs 22.6 million. Fusion Microfinance is currently active in the rural geographies of Uttar Pradesh, Uttranchal, Delhi and Madhya Pradesh.
Last year Incofin made an equity investment of 100 million INR in Bangalore based Grameen Koota and also acquired 34% stake in a North East based microfinance institution Asomi’s capital through its Rural Impulse Fund.