Microfinance Gateway>Indian MFI Janalakshmi Raises US$10 Million in Second Round of Funding

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Home » Announcements » Indian MFI Janalakshmi Raises US$10 Million in Second Round of Funding

Indian MFI Janalakshmi Raises US$10 Million in Second Round of Funding
Choudhary, D.

Former Citigroup banker Ramesh Ramanathan-promoted Janalakshmi Financial Services (JFS), an urban poor focused MFI, has raised US$10 million in its second round of funding. The round was led by Hong Kong and Singapore-based hedge fund Tree Line Asia Master Fund (Singapore) Pte Ltd and Bellwether Microfinance Fund, an existing investor in the firm. Former Morgan Stanley India Investment Fund Inc. head Narayan Ramachandran, who has joined JFS’s board, also invested in his personal capacity.

Bangalore-based JFS, which focuses on financial inclusion of the urban poor, intends to utilize the corpus for launching its expansion plans. Currently active in six cities with around 100,000 clients, JFS has outstanding loans of INR850 million (US$18 million). Over the next year, it plans to extend operations into 35 cities, with outstanding loans of INR3 billion (US$66 million).

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Posted: 08 Mar 2010
Source: Live Mint
Originally Published: 07 Mar 2010