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MokshaYug Access announces $2 mn funding

MokshaYug Access announces $2 mn funding
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First Published: Mon, Mar 17 2008. 05 53 PM IST
Updated: Mon, Mar 17 2008. 05 53 PM IST
New Delhi: MokshaYug Access (MYA) announced its funding at Rs8.35 crores ($2 million) from Unitus Equity Fund L.P. (UEF), a private equity fund that makes strategic investments in emerging microfinance institutions.
Vinod Khosla, venture capitalist and former general partner at Kleiner Perkins and founder of Sun Microsystems, Harsha Moily, founder and CEO of MYA and other private investors.
The equity investment will enable the company to build a supply chain and infrastructure for dairy farming and healthcare centres, continue to create key market linkages between the rural community and upstream players, strengthen its technological platform to gear the business for volume driven activities and expand MYA’s microfinance arm.
Harsha Moily says, “MYA brings an innovative business model to a market that is the most challenging and vibrant. This requires us to build relationships with customers and partners and a team that thinks big, outside the box and has the discipline to execute.”
The company’s business is focused on developing an organized supply management platform supported by three main pillars - manpower, infrastructure and community participation- that can be used to increase efficiencies in the delivery of services such as dairy farming, livelihoods, healthcare and agribusiness to the rural households.
It leverages on a franchising business model and microfinance network which seeks to aggregate demand by mobilizing rural customers and producers through microfinance groups. It will also aggregate supply by partnering with best-in-class companies and institutions. By focusing on its core competencies in procurement and buyback, employing technology-enabled franchises as a distribution network and applying its knowledge of client needs and business processes, MYA seeks to create a system that links information, technology, rural households and upstream buyers/suppliers.
In the next year, MYA will concentrate in developing a franchise model around client-operated healthcare centres and dairy farming units, and rolling out to rural households.
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First Published: Mon, Mar 17 2008. 05 53 PM IST