TVS Venu Group (Parent of TVS Emerald) to Acquire Up to 9.9% Stake in Jana Small Finance Bank

TVS Venu Group Enters Jana Small Finance Bank with Minority Stake

TVS Venu Group has agreed to acquire a minority stake in Jana Small Finance Bank Ltd through a combination of primary issuance of warrants and a secondary purchase for an equity ownership of up to 9.9 per cent on a fully diluted basis. The equity ownership includes 4.9 per cent to be owned by TVS Motor Company, subject to all applicable approvals.

The investment was announced on May 18, 2026, marking the group's continued expansion in India's financial services sector.

TVS Venu's Financial Services Strategy

TVS Venu Group comprises TVS Motor, TVS Credit, TVS Emerald and other entities, including promoter entities with a revenue of $6.5 billion in FY26. With a presence across over 90 countries, TVS Venu brings together a portfolio of over 64,000 people representing over 50 nationalities, with centres of excellence across India, Indonesia, Italy, and the United Kingdom.

TVS Venu has a long-standing presence in India's financial services sector through TVS Credit Services, a leading Non-Banking Financial Companies offering consumer and retail loans to millions of customers across India. It has also signed definitive agreements to acquire 100% stake in PGIM India Asset Management.

Jana Small Finance Bank Profile

Jana Small Finance Bank is a leading digitized bank regulated by the Reserve Bank of India (RBI). The Bank is headquartered in Bengaluru, India serving all customers and communities.

With over 12 million customers served, 822 outlets across 23 states and 2 Union Territories, and advances and deposits of over ₹35,000 crore as of March 31, 2026, the Bank offers a strong platform for long-term participation in India's credit, savings, and investment growth. As of March 31, 2026, it is ranked as the fourth largest Small Finance Bank in terms of both AUM and deposit size.

Investment Rationale

According to the group, the investment in Jana Small Finance Bank will allow for mutual collaboration in various areas for the long-term success of the Bank, subject to applicable laws. Jana has an established presence in mass retail and MSME banking, a strong growing secured lending base and a national distribution footprint.

TVS Venu noted it has been serving more than 44 million financial services customers across more than 100,000 touch points across India, and the investment in Jana is aligned with TVS Venu's long-term approach to support high-quality institutions that serve India's growing financial needs and its expanding digital financial eco-system.

Transaction Structure

TVS Venu Group, led by industrialist Venu Srinivasan, will acquire a 5.64% stake in the lender through the issuance of warrants worth 3.17 billion rupees ($32.9 million). The proposed transaction involves the purchase of 51,60,903 equity shares of Jana Small Finance Bank Limited from Jana Holdings Limited, representing 4.90% of the bank's paid-up share capital as on May 18, 2026.

The consummation of the proposed acquisition is subject to the satisfaction of customary conditions precedent under the SPA and is expected to be completed within 3 months from May 18, 2026.

Other Investors

Industrialist S P Lohia, founder of Indorama Corporation and Shruti Lohia, through her investment vehicle 2i Capital PCC also have invested in it.