Microfinance company Janalakshmi Financial Services, which has received final approval to set-up a small finance bank said it has raised equity capital of Rs 1,030 crore.
The microfinancer raised the funds through its existing investors – TPG, Morgan Stanley Asia managed PE fund (NHPEA), Treeline, QRG Enterprises and Vallabh Bhansali.
Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance were the new investors.
“The current round of funding is a crucial step in enabling us to complete our transition into a small finance bank. 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 Ajay Kanwal said in a statement.
With fresh capital and the support of both current and new investors, the microlender expects to launch the small finance bank soon.
It plans to have a national presence of the small finance bank with nearly 300 store fronts by 2018.