Muthoot Microfin raises $50-M from Greater Pacific Capital

Kochi-based Muthoot Microfin Ltd (MML), the microfinance business of the Muthoot Pappachan Group, has raised USD 50 million from Greater Pacific Capital. It will use the funds to double its assets under management (AUM) from INR 5,000 crore (USD 670 million) currently to INR 10,000 crore (USD 1.3 billion) over the next 2-3 years. The plan includes opening 500 new branches. Akshaya Prasad, Partner and Managing Director at General Pacific, will join MML's board.