Microfinance Focus, Dec. 23, 2009: Bandhan Financial Services Private Limited (Bandhan), a Kolkata based Microfinance NBFC, today announced equity funding of US$ 10.7mn approx (Rs 50 Crore ) from SIDBI.  Unitus Capital was the sole financial advisor for this transaction. The newly infused equity will provide Bandhan with the impetus needed to consolidate operations in the states in which it is present and to expand to other states within the country. By March 2014, Bandhan projects to have a portfolio of over Rs. 60,000 million outstanding to more than eight million borrowers spread across all states within India. Bandhan – meaning “togetherness” – offers microfinance services to poor women in the state of West Bengal, India. Founded by Mr. Chandra Shekhar Ghosh in November 2000, Bandhan started operations in 2002 and is registered with the Reserve Bank of India (RBI) as a non-banking finance company (NBFC). As on November 30, 2009, Bandhan had Rs. 10,800 million of portfolios outstanding to a client base of 2.1 million spread across 15 states of India and managed through a network of 1,008 branches. Bandhan‟s primary focus has historically been on Eastern and North-Eastern India, which comprise some of the most economically disadvantaged states in the country. It has a hard working and committed work force of over 6,000 employees – 80% of whom hail from poor families with 99.11 % repayment rate.