Mumbai: LeapFrog Investments, which specializes in investments in financial services in Africa and Asia, on Monday said it invested $29 million in IFMR Capital, a non-banking finance company based in Chennai. The deal is the first to be made from LeapFrog’s Fund II.

Founded in 2008, IFMR Capital operates in over 345 districts across 24 states in India.

“The demand for financial springboards and safety nets in India is growing fast, on a very large scale; IFMR Capital recognized this need early," Jim Roth, co-founder of LeapFrog, said in a statement.

“Their (LeapFrog) investment and their international team’s distinctive expertise will help enhance our capacity and our ability to provide valuable product and service offerings to our clients. It will also deepen our access to a wider class of international investors," said Kshama Fernandes, chief executive of IFMR Capital.

Rothschild India Pvt. Ltd was financial advisor to IFMR Capital.