Business Daily from THE HINDU group of publications
Sunday, Sep 13, 2009
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Business Daily from THE HINDU group of publications Sunday, Sep 13, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Money & Banking
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Venture Capital Lok Capital picks up 24% in Asirvad Microfinance Our Bureau Chennai, Sept. 12 Mauritius-based Lok Capital LLC has invested $175 million in the Chennai-based Asirvad Microfinance Pvt Ltd, for a 24 per cent stake. Asirvad was founded in 2007 by a group of promoters led by Mr S.V. Raja Vaidyanathan, who has close to three decades of managerial experience. Asirvad serves some 75,000 borrowers and has a loan book of Rs 35 crore. It has 21 branches across Tamil Nadu and employs around 150 people. Speaking to journalists here, Mr Vaidyanathan said that the company aimed to raise its loan book to Rs 200 crore by March. He said with the infusion of funds from Lok Capital, Asirvad would be able to borrow further Rs 70-80 crore from banks and financial institutions. He said that Asirvad made a profit last year and expects a higher profit for the current year. Asirvad’s model is to lend only to women cross-liability groups and only for income generating activities. Loans are structured: they are only of one-year tenor, Rs 5,000 for the first year, Rs 10,000 if the borrower wants to borrow in the second year, and Rs 20,000 for the third year. More Stories on : Venture Capital | Financial Institutions
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