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September 3, 2010: Aavishkaar Goodwell completes successful first exit from Equitas

Aavishkaar Goodwell, a private equity fund for the microfinance sector in India, has made a partial exit from its investment in Equitas Microfinance.

Hilversum/Mumbai, September 3, 2010 - Aavishkaar Goodwell has completed its first exit from its microfinance private equity portfolio in India. Earlier this year, it reached an agreement with Canaan Partners to make a partial exit of its stake in Equitas Microfinance. The transaction has now been completed, and this week Aavishkaar Goodwell distributed its first investment returns to its investors.

Equitas is one of the most impressive success stories in microfinance in India. The microfinance institution started operations in Chennai in late 2007. In early 2008, Aavishkaar Goodwell was the first institutional investor, at a time when it was still difficult for microfinance start ups to find equity investors. Today, Equitas provides microfinance services to more than 1 million clients across five states in India, and has a total outstanding loan portfolio of more than USD 160 million. Founded by a team of experienced finance professionals under the leadership of PN Vasudevan, Equitas has won acclaim for its exceptional growth and groundbreaking innovations in the areas of transparency, efficiency, and governance. Equitas has become the fastest growing startup MFI in the world, and has shown leadership in client focus, transparency, responsible lending practices and sector building initiatives. Equitas has also ensured that client impact is in its DNA, by capping profits and reducing interest rates for its clients when possible. Equitas also allocates part of its profits for social programs such as schools, food security programs and eye camps.

Aavishkaar Goodwell’s first round investment in 2008 of USD 1.5 mln has been catalytic in mobilizing additional equity capital for Equitas amounting to USD 40 mln in three additional equity rounds from a mix of social funds and mainstream private equity firms.
Equitas CEO Mr. Vasudevan expressed his appreciation: “Aavishkaar Goodwell has been one of our earliest supporters and Equitas has always valued them for their fair and supportive approach to partnerships. They believed in us at a time when there were not many such people and not only invested in us but also gave us critical support, especially in areas like technology”.

Mr. Wim van der Beek, managing partner of Aavishkaar Goodwell commented: “We try to make a difference by supporting start ups and fast growing MFI’s and bringing them to the mainstream, while maintaining their social mission. When we invested in Equitas their plans were unparalleled, but we believed in the capabilities of Mr Vasudevan and his team to realize their plans. And they have achieved their ambitions, now touching the lives of over 1 million families and continuing to grow while serving their clients responsibly. With other mainstream investors on board, our initial task is completed. We are proud to be part of the Equitas success story, and will maintain a meaningful stake and continue to support their growth journey.”

The exit of Equitas is a first exit for Aavishkaar Goodwell, which started investing in 2007. The Aavishkaar Goodwell portfolio in India consists of 7 MFI’s, of which 3 are start ups. With this exit transaction, the fund’s managers have demonstrated that the social and economic value created in this sector can translate into an attractive investment proposition for equity investors seeking to realize significant impact and financial returns simultaneously. The exit to mainstream venture capital firm Canaan Partners underlines the confidence that mainstream investors have in microfinance as an investment worthy sector.

Aavishkaar Goodwell’s managers expect that the Equitas exit will accelerate their efforts to raise a second microfinance private equity fund for India of USD 80 mln, which is planned to have its first closing this fall. The fund is targeted at development banks, family offices, institutional investors and funds-of-funds. The team has hit the road with the new fund earlier this year, and has already received commitments from existing investors in the first fund.

June 11, 2010: KfW and NMI Invest in Goodwell West Africa to support growth of microfinance in Ghana and Nigeria

Goodwell West Africa announced today that it has received commitments from KfW (Euro 8 million) and the NMI Frontier Fund (Euro 1.6 million). This private equity company will invest in microfinance in Ghana and Nigeria. Goodwell West Africa has now completed its second closing at Euro 16 million.

In Ghana and Nigeria, a large share of the population is financially excluded or not served by formal or high-quality financial service providers. The financial infrastructure to reach these groups is lacking or inadequate in both countries. The objective of Goodwell West Africa is to build this financial infrastructure by investing in a variety of microfinance institutions (MFIs) in Ghana and Nigeria. The company will invest primarily in established MFIs with potential for high growth and transformation, as well as in emerging and early-stage MFIs that need financial and professional support to develop and grow rapidly.

Goodwell West Africa’s strategy is to provide a combination of growth capital, on the ground support to local MFI management teams, and access to the expertise and a global network of experienced microfinance practitioners. The company is managed by a partnership of investment managers including Goodwell Investments BV, Alitheia Capital and JCS Investments, based in the Netherlands, Nigeria and Ghana, respectively.

Karl-Heinz Fleischhacker, Head of Division, Financial and Private Sector Sub-Saharan Africa of KfW Development Bank: “With Goodwell West Africa MDC, we are happy to conclude our first investment under the Microfinance Initiative for Sub-Saharan Africa II, an initiative which aims at strengthening Sub-Saharan microfinance networks. For us, the partnership between Goodwell Investments BV and the local managers Alitheia Capital and JCS Investments is a strong value added. For German bilateral Financial Cooperation, both Ghana and Nigeria are focal countries for financial sector development and offer the potential to significantly increase access to finance for the economically active poor.”

Richard Weingarten, Managing Director of NMI: “We are pleased to make this investment in Goodwell West Africa and to be working closely with Goodwell in Nigeria and Ghana. These two countries are Focus Countries for the NMI Frontier Fund, and we believe that both markets have significant potential. We are also particularly pleased to be able to support the local management teams in Ghana and Nigeria and to thus help build local capacity for making microfinance investments.”

Els Boerhof, Partner Goodwell Investments comments: “Nigeria and Ghana are dynamic markets offering a wide range of opportunities for developing microfinance. We are delighted that KfW and NMI have recognised this and have given us the mandate to put their money to work to deepen the financial sector in West Africa. We are pleased to welcome these leading microfinance investors on board, and we are confident that this will inspire other professional investors to join our investor group as we expand the fund in the next year."

May 10, 2010: Aavishkaar Goodwell invests in Belstar

Aaviskaar Goodwell Microfinance Development Company is one of the new investors in Belstar Investment and Finance Pvt Ltd, a Chennai-based microfinance firm. The agreement was preceded by an agreement between Belstar and IFC, the private investment arm of the World Bank
Belstar is the microfinance arm of Hand in Hand, a nongovernmental organization engaged in reducing poverty by creating enterprises and jobs. Through Belstar, HIH plans to expand into a for profit MFI. The firm would initially look at expansion in Tamil Nadu, Karnataka and Pondicherry with a subsequent expansion into Madhya Pradesh, areas where HIH is also active. Belstar is registered as a non-banking finance company (NBFC).
Belstar seeks to help establish a sustainable microfinance operation for India’s poor in rural and semi-urban areas and reach as many as a million women in the next five years.

Belstar’s product offerings will focus on low-income households that are unable to access such services from commercial banks. Apart from microfinance, Hand in Hand provides training and advisory support to its women members engaged in micro-enterprises in India and helps them build linkages with larger corporations to make their operations more sustainable.

Percy Barnevik, Chairperson of Hand in Hand International, said: “In its efforts to strengthen and scale up its operations, Hand in Hand seeks to work with experienced partners that can provide technical and financial support. Aavishkaar Goodwell is one such key partner for us.”

March 9, 2010: Aavishkaar Goodwell seeks to raise USD 100 million for second fund

Aavishkaar Goodwell, a company that provides equity finance for microfinance institutions (MFIs), is attempting to secure commitments to raise USD 100 million for its second fund. The fund is expected to seek investments from current investors such as the International Finance Corporation, the investment arm of the World Bank; Blue Orchard, a private equity fund; Netherlands Development Finance Company (FMO), a public-private development bank; and Deutsche Bank, a German commercial bank. Besides microfinance, the fund will invest in technology related to social ventures and housing finance. Aavishkaar Goodwell’s first fund, which closed in May of 2008, raised USD 18.3 million.

By Christopher Maggio, Research Assistant

About: Aavishkaar Goodwell India Microfinance Development Company Ltd

Aavishkaar Goodwell India Microfinance Development Company Ltd is a for-profit business development company that provides equity finance and support to entrepreneurial microfinance organizations in India. Aavishkaar Goodwell is building a portfolio of USD 25 million in 30-40 microfinance start-ups and 8-10 fast growing institutions. For microfinance start-ups, Aavishkaar Goodwell partners with the IntelleCap financing program. The franchising program aims to reach out to 10 million clients and add USD 1 billion of outstanding loans by 2010. Aavishkaar Goodwell is a Indian-Dutch joint venture. The investment team in India invests alongside the team that manages Aavishkaar India Micro Venture Capital Fund. The Dutch microfinance private equity company Goodwell Microfinance Development Company is the lead investor in Aavishkaar Goodwell, along with development financial institutions and commercial banks, including the Netherlands Development Finance Company (FMO), the International Finance Corporation, and Deutsche Bank.

January 12, 2010: Aavishkaar Goodwell Invests in Shre Pathrakali Finance "Utkarsh"

Aavishkaar Goodwell (“AG”), a specialized equity fund dedicated to supporting Indian MFIs, has recently concluded its equity investment in Shre Pathrakali Finance for a significant minority stake.

Shre Pathrakali Finance Co. Pvt Ltd (SPFCL) is a greenfield MFI operating under the brand name of “Utkarsh” that has commenced its micro-credit operations in September 2009 in Varanasi district, Uttar Pradesh – one of the most underserved regions for microcredit. Starting from UP, Utkarsh aims to become a significant player serving customers across Northern and Central India over the next 5 years. The MFI is led by Mr. Govind Singh, former business head for Micro-banking at ICICI Bank with over 20 years of experience spanning Micro-Banking, Rural & Agriculture finance, Retail & Corporate Banking and Retail Infrastructure amongst others.

Utkarsh is further strengthened by an experienced management team as well its long term operational partnership with Intellecash that has enabled it to launch on a strong foundation and reach out to 3000 clients through 7 branches in 3 months since launch. It is also unique in garnering support from professionals from varied walks of life, by way of token equity contributions in their individual capacities. The funding will be used towards early stage operational investments and capital adequacy requirements.

“Aavishkaar Goodwell is proud to partner with Utkarsh on account of its experienced management team, focus on the under-served Northern belt of country and association with IntelleCash. This partnership marks our 3rd investment in a greenfield MFI operation subsequent to Equitas and Suryoday Microfinance and our 2nd investment in an IntelleCash partner” said Vineet Rai, Managing Partner, Aavishkaar Goodwell, also representing AG on Utkarsh’s board.

Govind Singh, Founder & CEO of Utkarsh- “We believe we have an important role to play in supporting people who have skills but lack resources to improve their livelihoods. We chose to commence our operations from Eastern UP as it is one of the most underdeveloped regions with very low penetration of MFIs. It is great to have Aavishkaar Goodwell as a partner for not only providing timely seed capital support but also their contribution in shaping Utkarsh by involving themselves in strategic planning.”

About Aavishkaar Goodwell

Aavishkaar Goodwell India Microfinance Development Company Ltd is a for-profit business development company that invests in entrepreneurial microfinance organizations in India on a socially and commercially sustainable basis. It does this by developing and scaling up entrepreneurial microfinance organizations and integrating them into the mainstream financial sector. The company aims to realize “benefits of scale”—a substantial social impact and an attractive financial return. Aavishkaar Goodwell is a joint initiative of the teams behind Aavishkaar India, the world’s first for-profit microventure capital fund; and Goodwell, a Dutch microfinance investment company funded by social investors and pension funds.

December 15, 2010: Firms Conclude First Phase of $60m equity scheme for Nigeria, Ghana
By Moses Ebosele

Alitheia Capital, in collaboration with Goodwell Investments BV and JCS Investments, yesterday announced the first close of a $60 million (N9 billion) equity fund, focused on microfinance institutions (MFIs) in Nigeria and Ghana.
FMO and a number of Dutch high net-worth individuals and institutional investors invested in the fund, which will be managed by a partnership of investment managers based in Nigeria, Ghana and the Netherlands.
The objective of the Fund, according to its facilitators, is to selectively invest in entrepreneurial MFIs with the potential to generate attractive returns and positive social impact.

Its strategy is to provide a combination of growth capital for growing, early stage and transforming MFIs, on the ground support to MFI management teams, and access to the expertise and a global network of microfinance practitioners.

Besides investing in existing grown MFIs as well as those that have the potential for transformation, the Fund will invest in early-stage MFIs to enable the development of institutions based on best practices from an early stage and free from legacy issues.

Managing Director of Alitheia, Tokunboh Ishmael, said "the development is a milestone in the development of the Nigerian microfinance sector.
"The capital that Alitheia Goodwell can now inject into microfinance in Nigeria will help professionalise the industry, drive more rapid growth and ultimately go some way to lifting Nigerians out of poverty, in addition to securing financial returns for our investors."

A press statement made available yesterday, said the Fund has built a strong pipeline of high-potential investments and hopes to announce its first investment within the first quarter of 2010.

A partner at Goodwell, Els Boerhof, said "Nigeria is a dynamic market offering a wide range of opportunities for long term, experienced investors. We are delighted that our investors recognise this and have given us the mandate to put their money to work to deepen the financial sector in West Africa."

December 3, 2010: First Closing Goodwell West Africa MDC

Alitheia Capital, Goodwell Investments BV and JCS Investments have announced the first close of a USD 60 million equity fund focused on microfinance in Nigeria and Ghana. Investors include Dutch development bank FMO and a number of Dutch high net-worth individuals and institutional investors. Further financial details have not been released.
According to promoters of the fund, the goal of the fund is to “increase the outreach of commercial microfinance organizations and to provide a market rate of return to the investors.” Its strategy includes providing growth capital and managerial support to existing and early-stage microfinance institutions (MFIs). The fund expects to announce its first investment within the first quarter of 2010.

By: Stefanie Rubin, Research Assistant, MicroCapital.org

About Alitheia Capital:

About Goodwell Investments BV:

Goodwell Investments, based in the Netherlands, started operations in 2006 and is a for-profit business development company. It invests in entrepreneurial microfinance organizations on a socially and commercially sustainable basis. Goodwell Investments is the lead investor in Aavishkaar Goodwell, a business development company for the microfinance sector in India. No financial details or information about investors is available about Goodwell.

About JCS Investments:

JCS Investments is a Ghana-based financial services company licensed by the Securities and Exchange Commission. It operates as a fund manager and financial advisor. No financial details or information about investors is available about JCS Investments.

About the Netherlands Development Finance Company (FMO):

The Netherlands Development Finance Company (FMO) supports financial institutions and countries through “loans, participations, guarantees and other investment promotion activities.” It was founded by the “Dutch government, private sector, employers and employee organizations.” It has access to government funds and therefore can take higher risks with their investments including long-term finance. It also specializes in local currency finance.

November 5, 2010: Arthur Arnold and Frits van der Have appointed on Supervisory Board of GMDC II

During a first Supervisory Board Meeting of Goodwell Microfinance Development Company II, held in Amsterdam on November 4 2009, Mr. Arthur Arnold and Mr. Frits van der Have were appointed respectively as Chairman and Member of the Supervisory Board. Mr. Arnold has had a longstanding career in banking, being CEO of Dutch Development Finance Bank FMO as last formal position. Mr. Van der Have is a seasoned venture capital and private equity specialist who has co-founded several biotechnology funds.

October 14, 2010: Goodwell launches Goodwell Microfinance Development Company II

Due to the success of the investments of Aavishkaar Goodwell in India, Goodwell decided to ring fence the portfolio in India and launch a second investment company to finance further expansion in India and start in Africa. On October 14 this microfinance fund – Goodwell Microfinance Development Company II - had a first closing at € 6.25 mln. FMO, Co-fund and the Dutch pension fund for the bakery sector are among the investors. The fund has a targeted volume of € 30 -50 mln and will invest 2/3 in India and 1/3 in West Africa.

July 20, 2009: Aavishkaar Goodwell Invests INR 45 million in Suryoday Microfinance

Aavishkaar Goodwell, a specialized equity fund dedicated to supporting Indian MFIs, has recently made an equity investment commitment of Rs. 45 million to Suryoday Microfinance (SMF).

Suryoday Micro Finance Pvt Ltd (SMF) is a new age professional MFI that commenced its micro-credit operations in Pune, Maharashtra in May’09, shortly after receiving its NBFC license from Reserve Bank of India. It is engaged in providing loans to women from Economically Weaker Sections, Below Poverty Line and the marginal poor who do not have access to traditional banking, with an objective to reduce poverty in its area of operation. Starting from Maharashtra, the MFI aspires to spread out to other states in the medium term. It is led by a dynamic team of three ex-bankers – Baskar Babu, Ganesh Rao and V. L. Ramakrishnan – driven by their vision of creating a world-class Microfinance Institution. Suryoday is arguably the first MFI in India to secure equity funding from an institutional investor prior to commencement of operations. . The funding will be used towards early stage operational investments and capital adequacy requirements.
“Aavishkaar Goodwell is committed to supporting early stage Microfinance institutions through its strategic partnership with Intellecash” said Vineet Rai - Managing Partner, Aavishkaar Goodwell. “We are excited about our partnership with Suryoday on account of its excellent management team with a strong social consciousness, focus towards under-served areas and their association with Intellecash” R Baskar Babu, Co-Founder & CEO of Suryoday Microfinance - “The support from Aavishkaar Goodwell has enabled us to get started on this venture. This partnership is helping us achieve our dream of creating a world class financial services company for the economically challenged women. We want to grow this venture with continuous focus on making a positive social impact”

For more details on Suryoday Microfinance, please log onto http://suryodaymf.com/

May 11, 2009: Aavishkaar Goodwell equity injection in Suryoday

Suryoday, a start up MFI operating out of Pune, has become the first IntelleCash Microfinance Network Programme partner to receive an equity injection from Aavishkaar Goodwell.

The innovative IntelleCash Microfinance Network Programme provides a full support package for MFI start ups and small scale MFIs. The programme is based on best practices and grooms MFIs in a relatively short time for operational excellence.

The new MFI has been promoted by experienced bankers. The basic system and processes including management have been put in place and the organization is all set to break the records of MF space.

Co-Founder Baskar Babu Ramachandran commented: “The venture is focused on micro finance and training poor women in our geographical area for enhancing their income levels and enable them build assets to improve their quality of living on a long term basis. Our team believes that the benefits accruing to our customers will percolate faster to other poor segments in a faster manner.”

Today, the company disbursed its first INR 300,000 (USD 6000) to 30 clients.

May 6, 2009: Goodwell, Alitheia Capital and JCS Investments Ltd open West Africa Microfinance Fund targeted at Euro 40 mln

The growth of microfinance in Nigeria and Ghana will get an impulse through a Euro 40 million fund, launched in a joint venture of Goodwell Investments from The Netherlands, Alitheia Capital from Nigeria and JCS Investments from Ghana.

The fund will provide long-term capital and active support to start-up and growth phase microfinance institutions in Ghana and Nigeria to kick start and accelerate their growth and build value whilst maintaining their social focus.

Earlier this month Alitheia Capital, Goodwell Investments and JCS Investments presented the results of an in-depth study on the potential for microfinance in Anglophone West Africa which was intended to focus industry attention on the region. The findings showed that there is tremendous potential for expansion of microfinance in the West Africa region. The challenges faced by MFIs in general were also recognized: inadequate financing, shortage of skilled personnel and an effective business model.

According to the Consultative Group to Assist the Poor (CGAP), Nigeria has a shallow financial sector with the majority of Nigerians lacking access to formal financial services. A recent survey showed that 74 percent of adult Nigerians (64 million people) had never been banked, only 5 percent of women have a bank account, and 86 percent of rural adults are unbanked.

The gap between supply and demand is equally large in Ghana, where only an estimated 4-5% of the population has access to formal financial services. The Goodwell West Africa Microfinance Fund will jump into this market gap and address part of the inadequate supply of financing and skills.

Goodwell Investments, based in the Netherlands, started operations in 2006 and is a for-profit business development company. It invests in entrepreneurial microfinance organizations on a socially and commercially sustainable basis. Goodwell Investments is the lead investor in Aavishkaar Goodwell a business development company for the microfinance sector in India.

Alitheia is an investment manager and advisor based in Lagos, Nigeria, whose mission is to broaden the ownership of businesses and real estate by enabling socially sustainable investing. Alitheia creates investment structures, provides project management and develops businesses. Its business services include Fund Management, Project/Business Incubation and Corporate Strategy and Development. No financial details or information about investors is available about Alitheia.

JCS Investments is a Ghana-based financial services company licensed by the Securities and Exchange Commission. It operates as a fund manager and financial advisor. No financial details or information about investors is available about JCS Investments.

April 29, 2009: Aavishkaar Goodwell shareholder in BASIX flagship company

Aavishkaar Goodwell India Microfinance Development Company (“AGIMDC”) has become a shareholder in Bhartiya Samruddhi Finance Limited (BSFL), the flagship company of the Hyderabad based BASIX group. AGIMDC invested alongside Lok Capital LLC and Small Industries Development Bank of India (SIDBI) in a INR 50 crore (USD 10 mln) transaction. Intellecap acted as BSFL’s advisors to the investment. International Finance Corporation (IFC), Shorecap International Limited, Stichting Hivos-Tridos Fonds, ICICI Bank Limited and HDFC had invested in the previous round of capital expansion in 2001.

Founded by Vijay Mahajan, well-known in the development space as a visionary and a pioneer in the Indian Microfinance industry, BSFL started its operations in 1996. Today, BASIX is one of the world’s leading providers of Integrated Livelihood Promotion Services and has impacted the lives of more than a million poor people through its unique holistic approach to livelihood promotion which uses microfinance, micro-insurance, agricultural, business and institutional development services in a mutually reinforcing manner. With a loan portfolio of Rs. 462 crore (USD 90 mln) and a customer base of over 1.5 million across BASIX and its affiliates for all services, BSFL operates in 15 states across India and expects to reach 10 million clients by 2014.

According to Vijay Mahajan, Chairman and CEO of BSFL, “this is a big milestone for us, as investors have reposed faith in the BASIX integrated livelihood promotion model over “cookie–cutter” microcredit. We are all set to now address our goal of reaching 10 million poor households by 2014.”

November 6, 2008: Study Tour India

In a 7-day study tour to Bangalore and Chennai, Goodwell showed a group of (potential) investors how microfinance works and how it affects people's lives. The group of about 15 people was taken on field trips to meet with clients of the microfinance institutions (MFI's) and had a chance to engage in discussions with the management of the organizations and to see their operations. In order to create a full picture and to place microfinance in India into context, presentations were held by the Dean of IIMB, Professor Shyamal Roy on the Indian economy, Ms Manju Geore, VP at Intellecap on the Microfinance sector in India, Mr Justin Oliver of the Centre for Microfinance on social impact measurement and Mr Ulhas Deshpande, MD of IntelleCash, on the rollout of a franchising package for MFI's. Two social entrepreneurs dinners were organized to create a dialogue between the participants of the tour with social entrepreneurs from the Bangalore and Chennai scene. Ms Rohini Nilekani (Arghyam) and Mr.Vijay Mahajan (Basix) were among the guests that made a speech.

September 8, 2008: Growth of Equitas

Goodwell investee company Equitas, which started operations in December 2007, crossed the 100,000 active client mark by Septemer 2008. Equitas is one of the fastest growing Microfinance institutions in India, with an outstanding loan portfolio of about USD 25 million. Repayment is 100% as on date.

April 15, 2008: Aavishkaar Goodwell Expands Portfolio

In the first quarter of 2008, Aavishkaar Goodwell became a shareholder in Bangalore-based Grameen Koota and in Chennai-based Equitas. Grameen Koota started 10 years ago as a non-profit entity, but has recently gained a for-profit status. Aavishkaar Goodwell has invested USD 2.3 mln (INR 92 million) in the transformed MFI that is operating according to the Grameen model. They have 44 branches and about 140,000 clients and plan to grow to 2 million clients over the next 5 years.

Aavishkaar Goodwell also finalized a USD 1.5 mln (INR 60 million) investment in Equitas. Equitas started in 2007 and has very ambitious growth plans. Their founder typically belongs to the second generation MFI entrepreneurs, with a corporate background in banking. They believe in the strength of operational efficiency and the smart use of IT. To this end they already show very promising productivity numbers. By the end of March they had 16,000 clients, and are working towards 450,000 clients by the end of March 2009.

Februari 25, 2008: Els Boerhof joins Goodwell

Els Boerhof is joining Goodwell as partner as of March 1st. Previously Boerhof was Manager of the Micro & Small Enterprise Fund MASSIF of FMO, the Dutch development bank. Wim van der Beek, founding partner of Goodwell comments: "We are very excited to welcome Els as a new partner. With her background in development banking she knows the microfinance sector very well. In the coming years, Els will play a significant role in taking Goodwell to the next level in our growth and will lead our efforts in expanding our investor base in the development finance sector."

September 5, 2007: Goodwell sponsors TBLI Conference

Goodwell is a network sponsor of this year's TBLI Conference in Paris, on November 15-16. The Triple Bottom Line Investing Conference is the leading international investment conference on ESG (Environment, Social and Governance) matters. Goodwell is represented in the workshop on Microfinance and investing in emerging markets.

September 5, 2007: Goodwell and FMO host Microfinance Seminar

Goodwell and FMO are hosting a seminar on Microfinance on Oct 1 2007, called "Towards the Mainstream - Innovations and new business models." The seminar showcases innovative developments in the microfinance sector, mainly from India, such as a new franchising model, smart cards, mobile banking and microinsurance. The event brings together selected participants from the development sector, mainstream finance and social investors, and is 'by invitation only'.

July 25, 2007: New Investments in Aavishkaar Goodwell

IFC, FMO and Deutsche Bank invest in Aavishkaar Goodwell to scale up microfinance in India.

May 15, 2007: Aavishkaar Goodwell partners with Share Microfin

India’s leading microfinance institution SHARE Microfin Ltd will receive equity finance and support from Aavishkaar Goodwell, the India focussed microfinance development company. Aavishkaar Goodwell will invest USD 2 million for a minority interest in SHARE MicrofinLtd., and its India based team of microfinance experts will work closely with SHARE’s management to help SHARE reach an additional 5 million customers over the next 5 years.

May 3, 2007: Aavishkaar Goodwell partners with Intellecash

Aavishkaar Goodwell partnership with IntelleCash Microfinance Franchise Package

April 26, 2007: Aavishkaar Goodwell sponsors Competition

Intellecap and Aavishkaar Goodwell Microfinance Development Company organized the 2007 Srijan Microfinance Business Plan Competition on 25th April 2007. The competition recognizes some of the brightest new ideas in microfinance, from across the globe.

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Radama has taken out a Rs 10,000 loan for her shop. The total investment was Rs 15,000 (USD 300). She makes Rs 500-600 turnover a day, on which she make a margin of Rs 100 (USD 2). She pays Rs 220 a week to service her loan. She has 4 daughters and tries to save as much as possible for the education of her children. Her husband works in agriculture, which is seasonal.

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