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Janalakshmi Financial Services, a Bangalore-based NBFC MFI has raised Rs 65 crore of capital funds, primarily by Citi Venture Capital International (CVCI) as part of its ‘Series C' round. The company's existing investors - Bellwether, Lok Capital, the Michael and Susan Dell Foundation and Treeline Investors also contributed to the fresh capital. The company would also raise additional funds over the coming weeks as part of the Series C.
The promoter of the urban-microfinance company Janalakshmi Financial Services, Mr Ramesh Ramanathan, said at a press conference that the funds will be used entirely for disbursement and to execute the company's business plans in the 66 centres in 42 cities. The company which sees a default rate of less a one per cent, closed the last financial year with disbursements of Rs 250 crore to over 2,500 customers.
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