Patni brothers buy stake in Grameen Capital India

GCI is a social investment bank run as a joint venture between the Grameen Foundation, set up by Nobel Laureate Muhammad Yunus, Citi and IFMR. It has channeled more than INR7 billion ($127 million) into microfinance institutions (MFIs) and claims to have indirectly supported more than one million beneficiaries, typically those that don't have access to traditional capital.

GCI operates on the basis that the owners can gradually recoup the money invested, but not take any profit out of the business.

The Patni brothers' investment is part of a strategic initiative to expand GCI's advisory practice. It will continue to support MFIs and other social enterprises through debt and equity solutions and credit enhancement, as well as expanded strategic advisory services.

"The real Indian growth story will be a reality when all segments of the population are part of the move upward. While a lot has been accomplished, much remains to be done," the Patnis said in a statement. "Grameen is globally known for its pioneering work in dealing with excluded populations. We are excited to be part of the work of Grameen Capital India and look forward to bringing our learnings from the technology space in particular to accelerate the war against poverty."

Amit Patni is co-founder and chairman at Nirvana, while Arihant Patni is managing director of Patni Financial Advisors, an investment management firm, as well as co-founder and a board member of Nirvana. Last year, the Patni family exited their 45.6% holding in Patni Computer Systems to iGate Corporation and Apax Partners. The corporate-PE alliance also bought General Atlantic's 17.4% stake in a $921 million buyout.

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