Most of the early microfinance in India happened through donor and philanthropic funds, which were channelled to not-for-profit organisations. As the activities scaled up, microfinance moved to a commercial format. Using publicly available data, this paper examines the growth imperatives and the transformation processes of four large microfinance institutions in India. It studies the implications of the transformation process and its effect on the personal enrichment of the promoters of the MFIS. It examines the governance processes in these institutions and questions the moral and ethical fabric on which these institutions are built.