TPG leads $32m round for India bank
TPG Capital has led a INR2.2 billion ($32 million) funding round for India's Jana Small Finance Bank, which focuses on financial inclusion through digital services.
TPG contributed INR1.5 billion to the round, while, HarbourVest Partners provided the remainder. The microlender, previous known as Janalakshmi, is said to have raised about $626 million to date.
Founded in 2008, Jana claims to be India’s leading digitized bank serving aspirational populations. It operates a network of 270 banking outlets, including 25 business correspondence outlets, 298 asset centers, and 120 ATMs. There is a strong focus on underserved communities, with 43% of banking outlets established in semi-urban and rural areas.
The bank, which claims to serve about 3.6 million customers across the country, launched its most recent branch expansion in August in the New Delhi area. By the end of 2020, 697 branches are planned to be operational in at least 20 states and territories. In September, Jana recorded its first quarterly profit since India instituted a banknote demonetization policy in 2016, according to Livemint.
Previous investment includes a $161 million round in 2017 that included TPG, Morgan Stanley, QRG Enterprise, and Bajaj Allianz General Insurance. This followed a $210 million round in 2016 from TPG, Morgan Stanley, and QRG, then known as Havells India. Other earlier investors include Mizuho Securities Principal Investment, Tata Capital Private Equity, Caspian Impact Investment, and Citi Venture Capital.
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