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Exclusive: SMILE Microfinance on the block


Chennai-based SMILE Microfinance Ltd is up for sale with both its majority shareholder, US fund manager Developing World Markets (DWM), and its founder looking to exit the company. The 13-year-old microlender is in an advanced stage of talks with potential buyers to provide an exit to DWM and the founder, finance chief VT Prabakaran told VCCircle. The development comes after the company’s founding family and DWM resolved a dispute that emerged in 2014 for management control, with legal cases between the two parties being either dismissed or withdrawn. The US fund manager, through DWM Investments (Cyprus) Ltd, had in 2010...

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Developing World Markets is a private equity firm with $785 million assets under management. It provides capital to micro-finance companies operating across the globe. The company was founded in 2003 and is based in Connecticut, United States of America.

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