Inditrade MFI takes over rival Janakalyan

Updated: Oct 7 2022 7:26PM

Mumbai, Oct 7 (PTI) The Chennai-based Inditrade Microfinance on Friday announced the takeover and merger of the Kolkata-based rival Janakalyan Financial Services for an undisclosed sum.

The merger of two MFIs will give a push to Inditrade's business as the combined entity, which will be known as Inditrade Janakalyan Microfinance, will have a pan-India presence across 12 states, and one Union Territory.

The merger also involves absorbing all the employees of Janakalyan, the companies said in a joint statement.