The International Finance Corporation (IFC), a member of the World Bank Group has announced that it will be investing INR 13.5 Crore (USD 300,000) in Utkarsh Micro Finance a Uttar Pradesh based startup microfinance company.
In the next five years, Utkarsh expects to reach more than 5,00,000 women borrowers in the most poorly served markets of northern and central India. Utkarsh a Varanasi headquarted micro finance start up is registered as Shre Pathrakali Finance Co Ltd in Chennai and its operations are based in Uttar Pradesh which is India’s most populous state.
Utkarsh Microfinance had started its operations in Varanasi in August 2009 with four branches. Utkarsh microfinance plans to initially serve the Uttar Pradesh microfinance market and gradually expand to adjoining states of Madhya Pradesh and Bihar which have low microfinance penetration.
Avishkar Goodwell is another notable investor in Utkarsh Microfinance.