Speaking to reporters in Chennai on Thursday, S Devaraj, chairman and managing director, and Arjun Muralidharan, chief executive officer, Grama Vidiyal Microfinance Company, said the company's target was to increase the client base to 585,000 in 2008-09 from 250,000. 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 LP (UEF), and Vinod Khosla, a venture capitalist and former general partner Kleiner Perkins.
GVMFC operates out of 18 districts in Tamil Nadu. By December 2009, the company plans to open branches in Andhra Pradesh followed by north India, he said.
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