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Janalakshmi Financial Services raises Rs1,030cr equity capital

Press Trust of India  |  Mumbai 

Microfinance company Janalakshmi Financial Services, which has received final approval to set-up a small bank, today said it has raised equity capital of Rs 1,030 crore.

The microfinancer raised the funds through its existing investors - TPG, Morgan Stanley managed PE fund (NHPEA), Treeline, QRG Enterprises and Vallabh Bhansali.

Bajaj Life and Bajaj General were the new investors.

"The current round of funding is a crucial step in enabling us to complete our transition into a small The investment in JFS by existing and new investors is a strong sign of their faith in our business model and future," Janalakshmi Financial Services chief executive officer Kanwal said in a statement.

With fresh capital and the support of both current and new investors, the microlender expects to launch the small soon.

It plans to have a national presence of the small finance with nearly 300 store fronts by 2018.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 11 2017. 15:42 IST