New Delhi [India], Mar. 21 (ANI): BASIX Sub-K iTransactions Ltd, a Hyderabad-based company focused on financial inclusion, raised Rs. 350 million to deepen their efforts towards greater financial inclusion in India. Also Read - After Mumbai Power Blackout, Telangana Faced Cyber Attack Attempt by China | Here's What Happened

Sub-K will use a sizeable amount of the funds for business growth by investing in the expansion of its agent banking network and credit facilitation for micro and small businesses. Some of the amount raised will also be dedicated to strengthening its IT platform that would help the company position itself as a preferred FinTech as well as distribution partner for banks and financial institutions. Also Read - Hyderabad Software Engineer Stabbed At Home By Her Stalker

“We are very excited about this investment. Accion and NMI as well as our early investor Michael & Susan Dell Foundation share our vision of a financially included society. Building upon Basix’s two decades of cutting edge work in financial inclusion, we will be able to continue to invest in innovations and increase our reach multi-fold, thanks to this investment,” said Sasidhar Thumuluri, MD and CEO of Basix Sub-K. Also Read - Hyderabad Student Who Faked Rape, Abduction 2 Weeks Ago Dies by Suicide

The funds were raised from global nonprofit and financial inclusion pioneer Accion, and Nordic Microfinance Initiative (NMI), a public-private partnership, owned by among others, the Norwegian and Danish governmental funds for developing countries (Norfund and IFU), while Intellecap served as the investment banker for the deal. (ANI)

This is published unedited from the ANI feed.