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Accion is reportedly all set to double its investment plans in India. Accion COO Esteban Altschul spoke about the immense possibilities in favour of India’s financial inclusion and financial technology sectors. Fintech companies can hope for doubled investment figures amounting to $50 Million being promised by Accion. “Today, India is our most active country. We have a three-pronged strategy in the country,” said Accion chief operating officer (COO) Esteban A Altschul. He also added how his company has already been in talks with several other companies for possible investments and how it was important to note that “…India is the hotbed for financial inclusion worldwide”.
Accion will reportedly be planning to make investments in various segments related to Financial Inclusion such as insurance products, alternative credit scoring and risk management. Actively working in India for the last ten years, Accion has a strong knowledge on the possibilities of India financial market. It has already worked with IFMR Holdings, Saija Finance and Swadhaar Finserv (all BFSI companies in India).
With financial technology innovations being on an all-time high in India, Accion brings with itself operations in 30 nations across the globe. This calls for a toast as India is currently positioned in its financial tornado. The massive market possibilities in India’s financial race comes from small, medium and large scale industry players. We Indians can rightly rejoice Altschul’s statement, “…or Accion, in terms of our current exposure and potential that we see, India is the most important country for us.”
With more than dozen ventures of about $8 million and few more in the pipeline Accion’s Indian commitments also include Shubham Housing Development Finance, NeoGrowth, CreditMantri, MeraDoctor and AYE Finance. Accion, one of the major international financial organizations, has invested in micro-finance, non-banking and fintech companies through its three-way financial vehicles such as Frontier Inclusion Fund, Gateway Fund and Venture Lab.
In the global scales, there are numerous financial innovations happening. Accion has clearly stated how nations like India, Kenya, Colombia, Nigeria, Peru, China and Mexico have given immense success to Accion’s operatives. On a high and seemingly happy note Esteban A Altschul added “…Those are the countries where you have the combination of more scale, more impact innovative entrepreneurs and more possibilities to make a change”.
When asked about the impact of demonetization on their business strategies, Altschul felt “We believe this is a short-term impact and the assumption is that it would gradually but relatively quickly get back to normal,” India’s financial possibilities and overall portfolio has not taken a hit as Altschul ended by saying, “The quality of the portfolio remains sound, at least for our partners”. It would not be before March, 2017 when the long term impact (if any) will be felt by Indians.