CHENNAI: The Mauritius based Lok Capital LLC, a $ 22 mn venture fund focused on the micro finance sector in India, has invested $ 1.75 mn ( Rs 7 crore) translating into a 24% stake in the Chennai-based Asirvad Microfinance. In the last 18 months, Asirvad has lent Rs 35 crore to 75,000 borrowers in Tamil Nadu. It has 21 branches in 7 districts and employs 150 persons.
Asirvad was founded in 2007 by a group of promoters led by S V Raja Vaidyanathan, an IIT and IIM alum with close to 3 decades of business\managerial experience in India. Managed by a team of MFI professionals, it is focused on providing innovating financial services to poor women.
Mr Raja Vaidyanathan, non executive chairman of Asirvad said,” We want to empower atleast one million low income families by 2015 by supporting their viable income generating activities. We want to cover all districts in the State by opening branches. By March end 2010, Our lending is expected to touch Rs 75 crore”.