India: TPG leads $161m funding round in Janalakshmi Financial
Micro finance institution Janalakshmi Financial Services has raised a new round of funding of Rs 1,030 crore ($161.3 million) led by private equity major TPG.
According to a company statement, TPG is investing a “significant amount”, while existing investors Morgan Stanley Asia-managed PE fund Treeline, QRG Enterprises and Vallabh Bhansali also participated in the latest round.
Bajaj Allianz Life Insurance Co Ltd and Bajaj Allianz General Insurance Co Ltd came in as new investors in the Bengaluru-based company.
Janalakshmi was among 10 applicants to receive RBI’s in-principle approval to start a small finance bank in September 2015. In April, the micro-credit it got the final approval for the bank.
Photo courtesy of Nicolas Mirguet.