BANGALORE-based NBFC Microfinance Institution Janalakshmi Financial has raised Rs 65 crore as part of

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Series C funding. Global investment firm Citi Venture Capital International has taken a significant minority stake in the company.

Janalakshmi Financial, which focuses exclusively on the urban microfinance space in India, said additional funds may be raised in the coming weeks as part of the Series C round.

Earlier, the firm had raised Rs 45 crore. Investors in Janalakshmi's earlier rounds were Bellwether, Lok Capital, the Michael and Susan Dell Foundation, Treeline Investors, and Narayan Ramachandran, ex country head of Morgan Stanley India.

According to a study, the demand for microfinance in urban India is presently estimated at Rs 41,800 crore, which is expected to grow to Rs 100,000 crore by 2015 at 19 per cent CAGR.

Speaking on this transaction, Ramesh Ramanathan, Founder & Chairman, Janalakshmi Financial Services, said, “We are delighted to have raised these funds from a world-class investor like CVCI.