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Janalakshmi Financial raises $161 million from TPG, others

REUTERS - Indian microlender Janalakshmi Financial Services, which is setting up a so-called small finance bank, has raised 10.30 billion rupees ($161.3 million) from existing and new investors in a fresh round of funding led by TPG.

TPG is investing a “significant amount”, Janalakshmi said on Monday, adding that current investors Morgan Stanley Asia-managed PE fund Treeline, QRG Enterprises and Vallabh Bhansali also participated in the latest funding.

Bajaj Allianz Life Insurance Co Ltd and Bajaj Allianz General Insurance Co Ltd came on board as new investors, Janalakshmi said.

Bengaluru-based Janalakshmi recently got the final licence from the Reserve Bank of India to set up a small finance bank.

($1 = 63.8600 Indian rupees)