Invest India Micro Pension Services (IIMPS),aggregator of regulated micro-pension and long-term micro-saving products for economically weaker section,today said Germany-based KfW has picked up 30 per cent stake in the company for $3.28 million (about Rs 19.2 crore).
Further,the Michael & Susan Dell Foundation has invested an additional $400,000 and increased its own shareholding in the company,IIMPS said in a statement.
The equity investment from KfW and the Dell Family Foundation will help further strengthen financial literacy and client protection mechanisms, said Gautam Bhardwaj,MD,IIMPS. Other institutional shareholders include UTI AMC and Self Employed Womens Association (SEWA).
IIMPS collects money from low income individuals who save on an average Rs 200 per month towards for their old age. These savings are redistributed between two funds: the governments NPS-Lite Swavalamban and the
UTI Retirement Benefit Pension Fund.