Janalakshmi Financial Services is a microfinance institution in India. The company has raised a new round of funding of Rs 1,030 crore (about $161.3 million). The round was led by private equity major TPG. The article describes the transaction as a funding round but does not specify the instrument type (equity, debt, or other). No other participating investors, operating metrics, past rounds, or future plans are provided in the article. The article also does not disclose use of proceeds or valuation information. Janalakshmi Financial Services is a Bangalore-based microlender operating in 184 cities across 19 states with $1.65 billion in assets under management. Its core product is small-batch loans disbursed to joint liability groups; it also offers individual loans to proven borrowers and credit to micro, small and medium enterprises. Last September the lender received in-principle approval from the Reserve Bank of India to convert into a small finance bank. The company says the new equity will help it transition to a bank structure and comply with RBI rules for conversion. Janalakshmi intends to use the capital to drive customer acquisition and expand its product offerings. Promoter and chairman Ramesh Ramanathan said the round will fuel further expansion of products and services to more families, businesses and individuals.

Total raised

$371M

Funding rounds

3

Latest round

Equity

Latest activity

Sep 2017