India-based Ratnakar Bank has raised INR3.3 billion (approximately US$55 million) from new and existing investors including development finance institutions CDC Group and International Finance Corporation, investment and advisory firm Asia Capital & Advisors and private equity firm Gaja Capital. CDC Group invested US$28 million for a 4.8 percent equity stake in the company. Ratnakar Bank operates a network of 160 branches and 350 ATMs across 12 states in India. The funding will be used to expand the company’s branch network in semi-urban and rural areas of the country.