AZB and Wadia Ghandy help MFI Janalakshmi raise funds from Citi Venture

Bangalore-based Janalakshmi Financial Services, micro finance institution (MFI) promoted by social entrepreneur Ramesh Ramanathan, has raised Rs. 65 crore ($14.4 million) from private equity major, Citi Venture Capital International (CVCI)..CVCI acquired a significant minority equity stake (above 10 percent) in Janalakshmi..The Bangalore office of AZB & Partners advised Janalakshmi with a team led by Partner Srinath Dasari..Wadia Ghandy & Co. advised CVCI with a team led by Partner Shobitha Mani..According to Business Standard, the money was raised as part of an ongoing round (‘Series C’) and more is expected to be raised in the coming weeks. Earlier, it had raised Rs. 100 crore as part of its Series A and Series B funding..Last year, Janalakshmi received a $10 million (Rs. 45 Crore) funding from Treeline Asia Master Fund, one of the largest hedge funds in Asia. AZB & Partners advised Treeline Asia..According to VCCircle, Janalakshmi’s investors also include Narayan Ramachandran, former country head of Morgan Stanley India, Bellwether Microfinance Fund, Lok Capital and the Michael and Susan Dell Foundation. These investors have also participated in this round of funding..Janalakshmi Financial Services is a for-profit NBFC urban MFI with the promoters’ stake held in the not-for-profit entity Janalakshmi Social Services. This is the only MFI in India structured to keep the social spirit intact.