India: Lok Capital Increases Fund Size To $22 Million

Mar 2008
India, March, 19 2008 - Lok Capital LLC, an India focused microfinance venture capital fund, has raised its fund size by about 80 per cent to $ 22 million from $14.5 million (as of November 2007).

The investors in this final close is not known. In November last year, the fund had received $2.5 million from Boston based Accion International, a leading global microfinance institution. This had taken the Mauritius registered Lok Capital’s fund size to $14.5 million. That will be the final close of the first fund, which has an investment period of four years (another three years to go since it was launched last year). It had earlier raised monies from institutional investors such as CDC, FMO, KfW, and IFC. Mehta said Lok Capital has already invested a total of $3 million in two MFIs - Janalakshmi in Bangalore and Spandana (alongwith JM Financial) in Hyderabad.

Source : VC Circle

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