Janalakshmi MFI To Raise R50Cr, Lok Capital May Exit
Janalakshmi Financial Services Pvt Ltd is planning to raise upto R50Cr from PE investors. This deal will provide an exit route to Lok Capital, the Michael and Susan Dell Foundation and Bellwether Microfinance Fund who funded the company when it was set up in 2007.
It also has plans to raise additional capital of R80Cr to R100Cr in 2012-13 in order to achieve its planned scale of business operations.
Janalakshmi Financial Services ommenced microfinance operations in April 2008 by taking over the portfolio of Janalakshmi Social Services (JSS, a not-for-profit company promoted by Ramesh Ramanathan). Janalakshmi Social Services had earlier acquired the urban microfinance programme of Sanghamithra Rural Financial Services and started its own microfinance programme in July 2006.
It operates in 10 states, with Karnataka and Tamil Nadu together accounting for around 48% of its total loans outstanding as on September 30, 2011. It has a loan portfolio of R260Cr as on December 31, 2011 and disbursements of R290Cr for the nine months ended December 31, 2011.
Lok Capital invested R1.6Cr in March 2007 as series A investor. It sold 25% of its holding in June 2011 for R2.77Cr, with a return of 59%. So far, Janalakshmi has raised three rounds of investments. Treeline Asia Master Fund invested $10Mn in 2010 while Citi Venture Capital International invested R65Cr in 2011. Narayan Ramachandran - former head of Morgan Stanley India Investment Fund Inc is also an investor in the firm.
Offlate a number of MFIs have managed to attract PE/VC interest after the sector faced a period of difficult fund raising conditions. Most recently, Ujjivan Financial Services raised $25.5Mn from Netherlands Development Finance Company, Wolfensohn Capital Partners and existing investors.
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