Speaking to reporters in Chennai on Thursday, S Devaraj, chairman and managing director and Arjun Muralidharan, chief executive officer, Grama Vidiyal Microfinance Company said that company's target is to increase client base to 5.85 lakh in 2008-09 from 2.5 lakh. Credit target for the year 2008-09 is about Rs 500 crore.

Devaraj said GVM's capital increased to Rs 17.4 crore, after the company received Rs 14.7 crore as private equity investment from US-based Unitus Equity Fund L.P. (UEF) and Vinod Khosla, a venture capitalist and former general partner Kleiner Perkins.

Speaking about GVM's expansion plan Devaraj said that GVMFC operates out of 18 districts in Tamil Nadu. By December 2009, the company will open branches in Andhra Pradesh followed by branches in north India.