SMILE Microfinance raises Rs 50 crore from US fund manager DWM

Microfinance Monitor, May 20, 2010: Chennai-based SMILE Microfinance has raised about Rs 50 crore from the US-based fund manager Developing World Markets (DWM), said a statement. Grameen Capital India was advisor for the transaction.
Based in Chennai, SMILE Microfinance Ltd has so far lent over Rs 700 crore and has a customer-base of 300,000 poor households. It has 6,000 branches in Tamil Nadu, with a recovery rate of around 99.98 per cent.

This is the first round of external equity financing raised by SMILE, with a target to reach Rs 1,500 crore and 1 million members over the next three years, said the company.