Janalakshmi Small Finance Bank has raised Rs 225 crore in the latest funding round led by existing investor TPG Capital, reported livemint, citing two people aware of the development.
One of the people cited by the paper said that TPG, that has backed the bank for the last five years, has invested Rs 150 crore while the remaining amount was brought in by another existing investor, HarbourVest.
“Jana’s existing investors have reposed their faith on the lender with this round of growth capital,” one of the sources was quoted as saying in the report.
The small finance bank had been suffering from increasing NPAs since demonetisation, which completes three years on Friday.
“The bank ended the September quarter in profit, the first quarterly profit since demonetisation. The lender’s net NPA stood at just 1.72 percent as of last month and has been coming down month over month. Its capital adequacy ratio stands at over 19 percent, as against the statutory requirement of 15 percent for SFBs,” another source was quoted as saying in the report.
When contacted by the paper, TPG declined to comment on the story.