JM Financial pumps Rs 40cr in microfinance co
JM Financial India Fund to invest Rs 40 crore in microfinance company Spandana.
By PTI |
MUMBAI: JM Financial India Fund, a private equity fund sponsored by JM Financial and Old Lane Partners, will invest Rs 40 crore in Spandana, a microfinance company.
The investment would be used to expand Spandana's branch network and pursue growth opportunities, both organically and through acquisitions, a JM Financial release said here today.
Spandana had managed to break-even in the very first year of its operations in 1998 and has been a profit making entity although microfinance calls for lending small amounts to a large number of poor people who cannot afford any collateral.
The micro-finance company caters to lower income borrowers located in rural and urban areas in Andhra Pradesh, Karnataka, Maharashtra, Orissa and Tamil Nadu through a network of 300 branches with a client base of over 10 lakh.
JM Financial India Fund said it is the fourth investment made by the USD 225 million private equity fund. The earlier three investments were Genesis Colors, Sona Group and International Tractors. PTI ABC RMT UPD 07092024 DEL NNNN
The investment would be used to expand Spandana's branch network and pursue growth opportunities, both organically and through acquisitions, a JM Financial release said here today.
Spandana had managed to break-even in the very first year of its operations in 1998 and has been a profit making entity although microfinance calls for lending small amounts to a large number of poor people who cannot afford any collateral.
The micro-finance company caters to lower income borrowers located in rural and urban areas in Andhra Pradesh, Karnataka, Maharashtra, Orissa and Tamil Nadu through a network of 300 branches with a client base of over 10 lakh.
JM Financial India Fund said it is the fourth investment made by the USD 225 million private equity fund. The earlier three investments were Genesis Colors, Sona Group and International Tractors. PTI ABC RMT UPD 07092024 DEL NNNN
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