Technology and Startups

Suvidhaa gets US$ 7 Million Funding from IFC

IFC, a part of the World Bank has invested US$7 million in Suvidhaa’s Inforserve.Norwest Venture Partners and Reliance Venture Asset Management were the other two investors who took part in the second round of funding.Suvidhaa Infoserve Pvt. Ltd offers e-services to customers who are looking for travel, utility, e-Governance and entertainment related services.

Suvidhaa will use the funds raised to diversify its portfolio of consumer service offerings, and plans to expand its market presence in neighborhood stores across India. In two years, it claims to have increased its distribution to reach 25,000 neighborhood stores in around 500 cities and towns across India.Two years ago Suvidhaa had only neighborhood 1300 stores.suvidhaa ifcSuvidhaa(http://www.suvidhaa.net) also reported that it had received  the Government of India’s approval to set up more than 70,000 community service centres (CSCs) across 4.2 lakh villages in rural India.

Suvidhaa operates in the digital payments space with a pre paid payments service and has a operating model similar to OxiCash from Microsoft funded Oxigen and Itz Cash which is funded by Matrix Partners and Intel Capital.

Read More :

Deal Curry:Interview with Paresh Rajde, MD-CEO of Suvidhaa InfoServe Pvt. Ltd.

Abhay N

Author : 

Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.

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