India-based microfinance company Ujjivan Financial Services has raised INR6 billion (approximately US$96 million) from development finance institutions CDC Group and International Finance Corporation (IFC), private equity firms CX Partners, NewQuest Capital Partners and Elevar Equity and India-based financial company Bajaj Holdings. CX Partners’ investment was structured through CX Partners Fund I, and NewQuest’s investment was structured through NewQuest Asia Investments II. The transaction included a combination of primary issuance of shares and partial secondary exits to some of Ujjivan’s existing shareholders. Ujjivan intends to use the new investment to expand its loan book across products—including joint liability group lending and individual lending to economically active poor—and geographies.