Tata Group Chairman emeritus Ratan Tata has bought minority stake in debt vehicle of micro financial advisory firm Grameen Capital India, a non-banking financial company.
Tata, along with Goa-based Dempo group promoter Shrinivas Demo, former top Credit Suisse investment banker Vikram Gandhi, Patni group promoters Amit Patni and Arihant Patni, has invested in the NBFC that focuses on the social impact segment.
Grameen Capital plans to raise close to $10 million (about Rs 50 crore) in the initial round, the company said in a statement.
The NBFC, which focuses on agriculture, affordable health and affordable education, is also in advanced discussions with two institutional investors to raise additional equity capital for the debt vehicle, the statement added. Grameen Capital expects to commence lending from the new vehicle in the next quarter.
Tata, who recently invested in Swasth, a healthcare service provider to low-income group, has been building a portfolio of investments in the social impact and e-commerce sectors. The septuagenarian's previous consumer internet investments include Snapdeal, Paytm, Urban Ladder, Bluestone and CarDekho.