Janalakshmi Financial Services Raises Rs. 1030 Crores as it Prepares to Become a Small Finance Bank (SFB)

BANGALORE, September 11, 2017 /PRNewswire/ --

Janalakshmi Financial Services (JFS), India's largest microfinance company which recently received the final licence to set-up a small finance bank (SFB), has raised new equity capital of INR 1030 crores. The current round of funding is a crucial step in enabling JFS to complete its transition into a SFB.

     (Logo: http://mma.prnewswire.com/media/506012/Janalakshmi_Financial_Services_Logo.jpg )

TPG is leading the current round and investing a significant amount that includes a structured portion at the holding company level. Other current investors participating in this round are Morgan Stanley Asia managed PE fund (NHPEA), Treeline, QRG Enterprises Limited and Vallabh Bhansali. Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited are new investors in JFS.

Although there were disruptions for JFS and the MFI industry earlier in the year, business has stabilized. With fresh capital and the support of both current and new investors, JFS expects to launch the SFB and resume its growth. Current plans are for the SFB to have a national presence with nearly 300 store fronts by 2018. JFS will continue serving its core client base of 5 million+ customers and offer services through the SFB beyond the scope of microfinance. Importantly, JFS aims to expand its reach and empower unbanked segments of the society with financial tools such as savings accounts, the ability to engage in cashless transactions and innovative financial products.

Ramesh Ramanathan, Chairman, Janalakshmi Financial Services said, "Janalakshmi has been championing financial inclusion and with this latest round of capital infusion, it strengthens our ability to continue our inclusion agenda."

Ajay Kanwal, CEO, Janalakshmi Financial Services added, "JFS is the largest microfinance player and remains committed to serve the underserved as it transitions to being a small finance bank. The investment in JFS by existing and new investors is a strong sign of their faith in JFS' business model and future."

JFS takes banking to the unbanked by offering micro loans to women, small and marginal farmers and the urban poor for home improvement and education, among other things. It currently has a network of 462 branches across the country in 17 states and 2 union territories.

About Janalakshmi Financial Services Limited (JFS) 

Janalakshmi Financial Services (JFS) recently received operating licence to set up a small finance bank. JFS is the largest Micro Finance Institution (MFI) in India. JFS gave out its first loan in October 2000, and currently serves over 5 million families across 259 cities in India. It has over 16,000 employees, referred to as JanaNayaks.

JFS has deep domain expertise in banking and financial services with over 500 years of consolidated banking sector expertise just among the senior management. It is an organization that is recognized globally as one of the world's innovative financial institutions working on the problem of financial inclusion.

JFS is promoted by Jana Foundation, which is an urban inclusion think tank based in Bangalore with a vision to transform urban India where financial inclusion and enhanced quality of life are assured to all those who aspire to help themselves. The Foundation undertakes various activities that deepen the understanding of financial inclusion and its many challenges. It addresses policy issues through its financial advisory services; education, skilling, livelihood initiatives, community connect activities in order to help customers to improve the quality of their lives and help them meet customer needs comprehensively.

In 2017, JFS was featured in 'Fortune - The Top 500' largest corporations in India and was recently awarded India's Distinctive Goodwill Brand for 2017. In March 2016, JFS was recognised and awarded as the 'Best Financial Services firm in India' by VC Circle.

About TPG 

TPG is a leading global alternative asset firm founded in 1992 with more than $73 billion of assets under management and offices in Austin, Beijing, Boston, Dallas, Fort Worth, Hong Kong, Houston, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, and Singapore. TPG's investment platforms are across a wide range of asset classes, including private equity, growth venture, real estate, credit, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across its investment strategies and the performance of its portfolio. For more information, visit http://www.tpg.com.

Media Contact:
Kajri Mathur
Genesis Burson Marstellar

SOURCE Janalakshmi Financial Services (JFS)

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos and customised feeds just for media.

View and download archived video content distributed by MultiVu on The Digital Center.


Get content for your website

Enhance your website's or blog's content with PR Newswire's customised real-time news feeds.
Start today.



Contact PR Newswire

Send us an email at indiasales@prnewswire.co.in or call us at +91 22 6169 6000



Become a PR Newswire client

Request more information about PR Newswire products & services or call us at +91 22 6169 6000


  1. Products & Services
  2. Knowledge Centre
  3. Browse News Releases
  4. Contact PR Newswire