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Lending NBFCs in India
Sector Overview
AUGUST 2015
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TECH OFFLINE
INTERNET CONSUMER GOODS

Consumer Loans
MOBILE FOODS & BEVERAGES
SAAS EDUCATION Commercial Loans

MARKETPLACES HEALTHCARE
Microfinance
ADTECH FINANCE
Wholesale Loans
EDTECH AGRICULTURE
FINTECH OUTSOURCING Services for Banks & FIs
HEALTHTECH MEDIA & ENTERTAINMENT

Insurance
ENTERPRISE TECH
Lending NBFCs – the scope of this report
TECHNOLOGY
CROSS BORDER

Lending NBFCs: Sector Overview
Scope: This report covers 160+ NBFCs operating in retail finance, commercial loans and microfinance
• Over $1.85B invested in 70 players since 2010, of which ~$0.83B has been invested since 2014
• 140 rounds of funding between 2014 – H1 2015, Microfinance and MSME Lending are the top two funded sectors
• Microfinance - 95 investments worth ~ $1.1B
• MSME Lending - 23 investments worth ~ $256M
• Most Active Investors

• International Finance Corporation (IFC) (Bandhan Financial Services, Au Financiers, Avanse Financial Services,
MAS Financial Services)
• Lok Capital (Arohan Financial, Ujjivan Financial Services, Asirvad Microfinance)
• Michael & Susan Dell Foundation (Intellegrow Finance, Kinara Capital, Swadhaar Finserve)
• Caspian Advisors (Equitas Holdings, Aptus Value Housing Finance, Janalakshmi)
• Aavishkaar Venture Management Services : Grameen Financial Services, Swarna Pragati Housing Microfinance,
Utkarsh Microfinance
• Sequoia Capital : Capital Float, InSheFCo, Manappuram Finance

Funding has continued at a steady pace in this
sector, ~$1B has been invested since 2013
$391M
Year on year funding in NBFCs between 2010 and YTD 2015 $439M
$227M
$207M
$144M
$41M
2010 2011 2012 2013 2014 Till April 2015

# of players 10
18 7 16 22 26
funded
Hinduja Leyland Finance - Vistaar - $27M

Notable deals BASIX - $23.6M) Au Financiers - $50M India Factoring - $100M
Bandhan - $27M $33M Cholamandalam -
each year Muthoot Fin - $32.7M Equitas - $28M Bandhan - $258M
Janalakshmi - $57M $83.2M

NBFCs Market Map
Consumer Loans
$71M $96M $2M

HOUSING GOLD EDUCATION MEDICAL VEHICLE
Shubham Housing Development Muthoot Finance Avanse Arogya Finance Kamal Auto Finance
Finance
Commercial Loans
$257M $244M $39M $9M $4M

MSME VEHICLE INFRASTRUCTURE AGRICULTURE EDUCATIONAL REAL ESTATE
Capital Float Au Financiers PTC Financial SAFL INSTITUTIONS DEVELOPERS
Varthana Indostar Capital
Microfinance
$1.09B $12M $32M

MFI BUSINESS CORRESPONDENT WHOLESALE LENDING
(Companies providing microfinance by acting as business
(Collateral – free loans for rural women) (NBFCs that provide loans to microfinance institutions)
correspondents for Banks & FIs)
Bandhan Ananya
IFMR Regional Channels

Microfinance, MSME Lending and Commercial
Vehicle Loans are the top funded sectors
Cumulative Funding across various Online Rental sectors since 2010 (in $ million)
Total Funding (Million USD)

0 200 400 600 800 1000 1200 1400
Microfinance - MFI $1.1B

Bandhan
Commercial Loans - MSME $257M Intellegrow
Commercial Loans - Vehicles $244M

Au Financiers
Consumer Loans - Gold $96M Muthoot
Consumer Loans - Housing $71M Shubham
Commercial Loans - Infrastructure $39M PTC Financial
Wholesale Lending - MFIs $32M Ananya
MF - Business Correspondent $12M IFMR Rural Channels
Commericial Loans - Agriculture $9M SAF

L
Commericial Loans - Educational Institutes $4M Varthana
Consumer Loans - Education $2M Avanse
Consumer Loans - Medical NA

Microfinance Institutions (MFIs) saw steady
funding over the years, remains the top funded
sector Cumulative Funding across various NBFCs since 2008 Microfinance Funding between 2007 - 2015YTD
(in $ million)
Total Funding (Million USD) 350
0 200 400 600 800 1000 1200
Funding (in Million USD)

300
Microfinance - MFI 250
Commercial Loans - MSME 200

150
Commercial Loans - Vehicles
100
Consumer Loans - Gold
50
Consumer Loans - Housing
0
Commercial Loans - Infrastructure Top Companies 2010 2011 2012 2013 2014 2015
Wholesale Lending - MFIs Timeline:

July 2010 – IPO of SKS Microfinance
MF - Business Correspondent
November 2010 – Andhra Pradesh State Government enacts an ordinance
Commericial Loans - Agriculture preventing MFIs from collecting weekly repayments and conducting cluster
and center meetings
Commericial Loans -…
Consumer Loans - Education December 2011 – RBI puts in regulations for MFIs based on suggestions
by the Malegham Committee
Consumer Loans - Medical
April 2014 – RBI grants Bandhan a banking license

MSME Loans and Commercial Vehicle Loans
NBFCs saw an increase in funding
Cumulative Funding across various NBFCs since 2008 MSME Loans NBFCs Commercial Vehicle Loans NBFCs
(in $ million) Funding between 2012 - 2015YTD Funding between 2010 - 2014
Total Funding (Million USD) 120 120

0 200 400 600 800 1000 1200

100 100
Microfinance - MFI
80 80
Commercial Loans - MSME
60 60
Commercial Loans - Vehicles
40 40
20 20
Consumer Loans - Housing
0 0
Commercial Loans - Infrastructure 2012 2013 2014 2015 2010 2012 2013 2014
Wholesale Lending - MFIs
MF - Business Correspondent
Top Companies Top Companies
Commericial Loans - Agriculture
Commericial Loans -…
Consumer Loans - Education
Consumer Loans - Medical

Number of funded companies in Housing Loans
increased till 2013 and is now steadily decreasing
Year-over-year mapping of the number of companies funded in every sector from 2008 to H1 2015
2015
2014 Commercial Loans - MSME

Commercial Loans - Vehicle
2013
Commercial Loans - Agriculture
2012 Commercial Loans - Infrastructure

Commercial Loans - Educational Institutions
2011 Consumer Loans - Housing
2010
Consumer Loans - Education
2009 Micro Finance
Microfinance - Business Correspondent
2008 Wholesale Lending - Microfinance
0 5 10 15 20 25 30
Number of Funded Startups

Recently Funded Sub-Sectors
Commercial Loans – MSME
– India factorinFloat - $13M – Saif Partners, Aspada, Sequoia Capital – Feb,2015
– Aye Finance g & Finance - $100M – FIMBank Plc – May,2015
– NeoGrowth – Khosla Impact – April,2015
– Capital - $1M – Saif Partners, Accion – Feb,2015
Micro Finance
– Arohan Financial Services - $9.6M – Tano Capital- Mar,2015
– Bandhan Financial Services - $259M – International Finance Corporation, GIC – Jan,2015
– Ujjivan Financial Services - $50M – CDC Group, CX Partners, NewQuest Capital Partners - Jan 2015
Commercial Loans – Vehicle Finance
– Au Financiers – Kedaara Capital - Dec,2014
Consumer Loans – Housing
– Aptus Value Housing Finance - $16M – Westbridge Capital - Nov,2014
– Shubham Housing Development Finance - $20M – Motilal Oswal Ventures, Helion Ventures, Elevar Equity, Saama Capital
– Sep,2014
Commercial Loans – Educational Instituions
– Varthana - $4.4M – Omidyar Network, Elevar Equity, LGT Venture Philantrophy - Sep,2014

NBFCs: Most Active Investors
International
Michael & Susan Aavishkaar Venture
Finance Lok Capital Caspian Advisors Sequoia Capital Accion
Dell Foundation Management
Corporation
MAS Intellegrow
Commercial Loans
MSME Vistaar Financial Capital Float Aye Finance

Financial Kinara Capital
Vehicles Au Financiers
Agriculture SAFL
Educational
Varthana
Institutes
Aptus Value
Consumr Loans
Swarna Pragati Shubham Housing

Micro Housing Housing Finance
Housing Finance Corp Micro Housing
Housing InSheFCo Development
Microfinance Finance
Finance Corp
Gold Manappuram
Education Avanse Financial
Arohan Financial
BASICS
Bandhan Arohan Financial
Spandana Arohan Financial Arohan Financial
Equitas BASICS
Sphoorty Equitas
Microfinance
Sonata Finance Trident Microfin

Utkarsh MF Grameen Financial Saija Finance
Microfinance Suryoday MF
Asirvad Svasti Foundation Equitas
Share Microfin
SKS MF
Swadhaar Finserve
Utkarsh Swadhaar FinServe Janalakshmi Ujjivan FInancial
Ujjivan Utkarsh MF
Suryodaya Ujjivan Ujjivan
Belstar Suryoday MF
Satin Credit Care
Ujjivan
Business IFMR Regional IFMR Regional
Correspondent Channels Channels

NBFCS COMPANY LIST
DETAILS 160+ COMPANIES (70+ FUNDED AND ~90 UNFUNDED COMPANIES)
COVERS THE FOLLOWING SECTORS

Commercial Loans Consumer Loans Microfinance

Commercial Loans NBFC List
Consumer Loans
$71M $96M $2M

Finance
Commercial Loans
$257M $244M $39M $9M $4M

Microfinance
$1.09B $12M $32M

Bandhan Ananya

Company Details: Commercial Loans - Agricultural

(1/1)
Company Details Funding Investors
Sustainable Agro-commercial Finance [Mumbai, 2011]: The first NFBC in India with a focus on agricultural lending.
Provides loans to small scale farmers for micro-irrigation systems and other agricultural needs. Also provides financing for
small businesses, solar products and agricultural expansion projects. Has served over 15000 farmers so far, a majority of
$9.3M International Finance Corporation
them from Maharashtra. Promoted by Jain Irrigation systems Ltd, Asia's largest drip irrigation company. Other shareholders
include International Finance Corporation and Mandala Capital (20%). Has raised INR 200 Cr of capital so far through IFC
and Mandala.
Agricultural
Agri Business Finance (AP) [Hyderabad, 1997]: A state specific agri financing NBFC, promoted by NABARD, Andhra
Bank, Canara Bank, Govt of Andhra Pradesh and Andhra Pradesh State Cooperative Bank. Providing term finance for long
term investments in agriculture and allied activities with focus on commercial agriculture, agri-processing, rural godowns, cold
storage, marketing and infrastructure. Also promotes value addition activities such as packaging & processing and
expansion, commercialization & modernization of enterprises engaged in agriculture and allied activities.
Agricultural

Company Details: Commercial Loans – Education

Institutions (1/1)
Varthana [Bangalore, 2013]: Varthana is a non-banking finance company that provides loans to affordable private schools
that cater to the poor and the emerging middle class. It gives unsecured loans up to Rs 5 lakh with a three-year tenure while it
provides larger amounts for secured loans with up to a five-year tenure. It funds schools with at least two years of experience Accion, Elevar Equity, LGT Venture
$4.4M
which have at least 80% pass percentage of its highest class or class X batch. As of Sep 2014, it it served over 300 schools in Philanthropy, Omidyar Network
Karnataka and Maharashtra. Its core loan offering enables affordable private schools to improve the quality of education and
Educational increase capacity to educate more children
Institutions
Indian School Finance Company [Hyderabad, 2009]: Indian School Finance Company (ISFC) is a non-banking finance
company engaged in the business of lending to educational institutions and entrepreneurs that manage such institutions.
ISFC provides loans to schools to improve their educational infrastructure such as construction of additional floors within the
existing school premises, setting up of computer labs, science laboratories, adding basic amenities, implementing new
teaching methodologies like digital classrooms. It focuses on schools serving urban low income segments. It has presence
across 9 states and 23 locations in India and since its founding, it has disbursed 1300+ loans to schools and school
entrepreneurs. It provides secured loans upto Rs. 100 lakhs and unsecured loans upto Rs. 5 lakhs. The company is backed
Educational by Gray Ghost Ventures and Caspian Advisors
Institutions
Shiksha Finance [Chennai, 2014]: Shiksha Finance is a for-profit social enterprise that enhances access to affordable
education for bottom of the pyramid population. It provides loans to improve the quality of assets and infrastructure, such as
toilets for girls, computers, hardware and smart class equipment, vans for transporting children, laboratories and equipment
for science in Indian schools. It targets affordable private schools that cater to middle and low-income communities. It also
provides loans for working capital. It provides loans in the range of Rs.2 lakhs to Rs.10 lakhs over a tenure of 1-3 years. It
Educational does not demand collateral for loans upto Rs 2 lakhs
Institutions

Company Details: Commercial Loans -

Infrastructure (1/1)
PTC India Financial [New Delhi, 2006]: Invests in equity and extends debt to provide financing solutions for companies with
projects across the energy value chain. They focus on infrastructure requirements of the power sector and provide finance to
power projects in generation, transmission and distribution, fuel sources, fuel-related infrastructure like gas pipelines, LNG
terminals, ports and equipment manufacturers. They also provide fee–based syndication and advisory services as well as
$39M Goldman Sachs, Macquarie Group
carbon credit financing against certified emissions reduction (CER). The company is promoted by Power Trading Corporation
of India which holds a 60 per cent equity stake, while other major shareholders include HSBC (3.68%), LIC (2.7%) and Bajaj
Allianz Life Insurance Company (1.97%). In January 2015, IFC announced its plans to lend $35M to the company by
subscribing to its listed, redeemable, secured 10-year non-convertible debentures.
Infrastructure
IDFC [Mumbai, 1997]: Integrated infrastructure finance player providing end to end infrastructure financing and project
implementation services. Operates a full range of business lines, from project and corporate finance to asset management
(mutual funds and alternatives) and investment banking. Financial instruments include senior debt financing, mezzanine
products and equity financing through investments in unlisted equity as well as in public offerings of infrastructure companies.
Also involved in financial intermediation for infrastructure projects and services, adding value through innovative products to
the infrastructure value chain or asset maintenance of existing infrastructure projects. Works closely with government entities
and regulators to advise and assist them in formulating policy and regulatory frameworks that support private investment and
public-private partnerships in infrastructure development. Has a loan portfolio of INR 59000 Cr, of which 90% is in
Infrastructure infrastructure. Won a full-fledged banking licence in April 2014.
L&T Infrastructure Finance [Mumbai, 2006]: Public Finance Institution (PFI) promoted by engineering and construction
conglomerate Larsen & Toubro Limited (L&T) and L&T Finance Holdings Limited. Provides a wide range of
customised debt & equity products for infrastructure development in India with a focus on power, roads, telecom, oil
& gas and port sectors. Keen interest in the renewable energy sector. Also offers project finance and financial advisory
services. Got approval from RBI for setting up an Infrastructure Debt Fund (IDF) in 2013. Was set up with an initial capital of
Infrastructure INR 5 billion and has expanded to an asset base of INR 148 billion.
India Infradebt [Mumbai, 2013]: Infradebt is India's first NBFC formed under the Infrastructure Debt Fund. The company has
been formed by ICICI Bank, Bank of Baroda, Citibank and LIC India, with ICICI being the major shareholder. Infradebt raises
debt capital from domestic and foreign sources for investment in infrastructure projects under the public-private partnership
(PPP) model that have completed one year of operation.
Infrastructure

Company Details: Commercial Loans – MSME (1/2)

Capital First Limited [Mumbai, 2010]: NBFC that provides financial service across consumer and wholesale businesses.
The company has consistently increased its MSME and Retail financing from 10% of overall loans in 2010 to 84% in 2014. It
is a specialized player in MSME Financing and offers financing in the range of Rs 6,000 to Rs. 2.5 crore. It has its unique
credit evaluation methodology for different segments in MSMEs. Provides loans to MSMEs for business expansion, office
$48M HDFC Life, Warburg Pincus
furniture, office automation, 2-wheelers and machinery. It provides secured loans by taking property and gold as collateral.
The company is public and is listed on BSE and NSE. It is promoted by Warburg Pincus and affiliated companies that own a
combined ~72% of the company. The company changed its name from Future Capital to Capital First in Nov 2012. In 2012,
Warburg Pincus acquired a majority stake in the company from the existing investor - Future Group
Vistaar Financial Services [Bangalore, 2010]: Provides funding to MSMEs in India, which are primarily not funded by
banks. The company claims to have built a unique credit methodology to undertake cashflow-based assessment of MSMEs
even in the absence of conventional income documents. Assesses the customer’s economic activity using proprietary sector Omidyar Network, Elevar Equity,
specific templates and scrutinizes informal records that banks generally don’t accept and conducts background checks on Westbridge Capital Partners, Silicon
$37M
potential customers. Focuses on customers that run small yet scalable businesses such as power looms, light engineering, Valley Bank, Saama Capital, Lok
manufacturing units, provision stores and restaurants. Its loan size ranges from Rs 35,000 to Rs 25 lakh at an interest rate of Capital
~24%. As of January 31, 2014, Vistaar had a customer base of around 23,600 borrowers across 74 branches with a loan
MSME
portfolio of Rs 207.1 crore. In March 2015, they tied-up with Power2SME which helps SMEs source raw materials.
MAS Financial Services Ltd. [Ahmedabad, 1988]: Provides loans to MSMEs in rural and semi-urban areas. Also offers
loans for two wheelers, three wheelers and commercial vehicles. Has also ventured into housing finance for middle income FMO Nederlandse Financierings
segments in rural areas through its subsidiary MAS Rural Housing Mortgage Financing Ltd (mrhmfl.in). Currently operates $33.5M Maatchappij Ontwikkelingslanden,
through 70 branches across Gujarat, Maharashtra and Rajasthan, and has with over 4 lakh customers and and an asset base International Finance Corporation
MSME of INR 1000 Cr.
IntelleGrow Finance [Mumbai, 2010]: IntelleGrow is a venture debt-financing company for small and medium enterprises
(SMEs) that provides debt finance and skills support to such businesses in India. It provides debt, ranging between $100,000
(about Rs 60 lakh) and $600,000 (about Rs 3.6 crore) to early-stage ventures to early-stage ventures that cater to India's
poor. It has funded 60 companies so far and adds 3-4 firms to its portfolio every month. It focuses on areas such as clean
Omidyar Network, Michael & Susan
energy, Healthcare, education, water & sanitation, Financial Inclusion, etc. The company provides debt financing to $6.3M
Dell Foundation
early-stage enterprises with a turnover of less than Rs 50 crore and at least 12 months of track record, and it usually does not
take collateral for their loans.It offers customized loan products, including short-term working capital loans, term loans,
supplier loans, receivables loans, and other lines of credit. The company charges interest rates of 16-18%, compared with 26-
MSME 32% charged by other non-banking finance companies and claims it has had zero delinquency to date on extended loans

Company Details: Commercial Loans – MSME (1/2)

Aye Finance [New Delhi, 2014]: MSME Lending in North India for purchase of capital assets and working capital needs.
Offers mortgage loans against marketable real property, hypothecation loan against working business asset and an add-on
$1M SAIF Partners, Accion
loan over primary loan for borrowers with a good track record. Has funded over 300 enterprises so far and added four
MSME branches in the last six months.
Kinara Capital [Bangalore, 2011]: Kinara Capital provides debt financing to micro, small, and medium enterprises (MSMEs).
The firm provides collateral free loans in the range of Rs 50,000 to Rs 10,00,000 to MSMEs for asset finance and working
capital. It has financed 1,200+ loans across sectors such as auto parts, electrical components, kitchen appliances, artisan Halloran Philanthropies, Unitus Impact,
$1.5M
products, eco-friendly products and agri-equipment. It claims to have a 99.9% recovery rate. The company aims to create Michael & Susan Dell Foundation
100,000 net new jobs and impact 1 million lives over the next five years in India. It follows an innovative approach of
MSME managing risk through strategies such as psychometric testing to understand the MSMEs ‘willingness to pay’.
Five Star Business Credits [Chennai, 1984]: Provides collateral-backed loans to small but healthy businesses. also
provides loans for home improvement to MSME customers. Has catered to more than 5,000 MSME customers such as
provision stores, small restaurants, textile stores, bakery outlets, medical stores, and small and medium machine shop
Matrix Partners
operators in the past five years. Spread across 30 branches in Tamil Nadu and plans to expand into other states in India. Also
offers secured redeemable non-convertible debentures on private placement basis. In February 2014, Matrix Partners
MSME announced an investment in Five Star for an undisclosed significant minority stake.
Karvy Finance [Mumbai, 2009]: Karvy Finance is primarily focused on providing secured business loans to Micro & Small
Enterprises. Offers loan against property, loan against gold and loan for small commercial vehicles. Serves the underserved
business customers in India’s market with a network of 75 lending branches in 35 locations. In Oct 2014, the company
announced its intention of raising $100 M from PE firms. The average loan size of the company is about Rs 18 lakh for
MSME business credit, Rs 1 lakh for gold loans and Rs 5 lakh for commercial vehicles
Fullerton India Credit Company Ltd. [Mumbai, 2007]: A leading NBFCwith a Pan-India presence. Provides financing of
small and medium enterprises (SMEs) for working capital and growth, loans for commercial vehicles and two-wheelers, home
improvement loans, loans against property, personal loans, working capital loans for urban self-employed and loans for rural
livelihood advancement, rural housing finance and financing of various rural micro enterprises. It gives SME loans to
manufacturers and traders with a minimum turnover of Rs. 10 Crores and at least 5 years in business. Employs 6000+ people
and has more than 400 branches reaching to 600 towns and cities and over 30,000 villages in India. It’s a wholly owned
subsidiary of Fullerton Financial Holdings, which in turn is a wholly owned subsidiary of Temasek Holdings, Singapore
MSME

Company Details: Commercial Loans - MSME -

Machinery (1/1)
Paras Capfin [Mumbai, 2008]: Began as a NBFC - MFI, and later developed into full fledged NBFC. Offers term loans to
MSMEs. Planning to increase focus on machinery loan portfolio launched in 2011. Lends to self employed/entrepreneurs in
urban and semi-urban environments, with branches in Mumbai, Pune and Ahmednagar. Set up an advisory committee with
MSME - MAS Financial services for guidance in new avenues of funding.
Machinery
Kudos Finance and Investments [Pune, 2010]: Provide collateral-free loans to MSMEs such as shops, services, handloom
and cottage industries. Serves the niche market of machinery loans and machinery refinance for machines used in metal
cutting and metal forming, printing and packaging, and plastics and wood working. Targets MSMEs with annual turnover
between 20L and 60L with the ticket size for loans ranging from Rs 100,000 to Rs 700,000, and EMIs structured over 2 years.
MSME - Reports to CIBIL on the payment track record of their clients, thus creating a financial identity for their clients.
Machinery
Electronica Finance [Pune, 1990]: Electronica Finance Limited (EFL) is a NBFC engaged in providing finance to MSMEs in
India for machinery purchase. They assist in machinery used for various industries like machine work, printing, wood work,
plastic, pharmaceuticals, textiles and packaging. They have 35 associate branches and cater to over 6500 customers in 51
cities of India.
MSME -
Machinery
Intec Capital [Delhi, 1994]: Intec Capital is a NBFC which caters to the machinery financing loans of SMEs. Provides
machinery loans & equipment loans to SMEs. Sector focus includes auto & engineering, printing & packaging,
plastic & injection moulding, medical, healthcare & pharmaceuticals and food processing. Motilal Oswal PE bought
MSME - 17% stake through a combination of compulsorily convertible preference shares (CCPS) and equity shares in March 2013.
Machinery

Company Details: Commercial Loans - MSME –

Working Capital (1/1)
India Factoring and Finance Solutions pvt. Ltd. [Mumbai, 2009]: India Factoring and Finance Solutions is a joint venture
between FIMBank, Punjab National Bank, Banca IFIS and Blend Financial Services Ltd. They offer domestic and
international factoring and forfaiting services to their clients. They also have SCM solutions in which they offer non-recourse $100M FIMBank plc
factoring for the client's supplier. They have 8 offices spread across metros in India and have access to FIMBank's global
MSME - Working factoring network.
Capital -
Factoring
Capital Float [Bangalore, 2013]: Capital Float is a digital finance company providing working capital loans for small
businesses and start-ups in India. The company has created a proprietary technology platform to evaluate the financial health
Aspada Investments, SAIF Partners,
of SMEs. Provides loans ranging from Rs. 3-30 lac at interest rates starting from 16%. Borrowers need not pledge property $16M
Sequoia Capital
but loans are offered on the basis of cash flows, customer relationships and expected receivables. Borrowers can apply online
MSME - Working and the sanctioned funds are received within 7 days. Stanford University founding team.
Capital - Online
Lendingkart [Ahmedabad, 2014]: Lendingkart is a web platform that enables SMBs to apply for working capital to tackle
their business growth. The company uses client’s cash-flow, credit history and customer experiences to evaluate the
business. Customers can select the amount they need and for the amount of duration to get the amount of repayment
$9.5M
required. The company charges 1% one-time fees for setting up their line of credit in the system, which is payable only if the
customer avails the credit facility. Funds offered range from INR 1 lakh - INR 50 lakh. Raised $9.5 M($7 M in equity and $2.5
MSME - Working M in debt) in 2014. Plans to raise $25 M for scaling up operations.
Capital - Online
NeoGrowth [Mumbai, 2010]: NeoGrowth Credit is a non-deposit taking NBFC that is involved in the merchant cash advance
business. Neogrowth extends short term working capital and inventory loans to small merchants in India against future sales
Omidyar Network, Aspada
from credit and debit cards on its POS. Its flagship product is NeoCash, an online lending financing option for businesses with $4.6M
Investments, Khosla Impact
no-fixed EMI model and a flexi-repayment scheme. The firm extends financing if a substantial portion of borrowers’ sales
MSME - Working happens on the PoS machine.
Capital

Company Details: Commercial Loans - Real Estate

Developers (1/1)
Piramal Fund Management [Mumbai, 2006]: Piramal Fund Management Pvt Ltd (PFMPL) is an integrated structured financing
unit composed of the Piramal Group's NBFC entity Piramal Finance and private equity fund Indiareit. PFMPL targets funding
opportunities within real estate and allied sectors, providing exposure across the entire capital stack i.e. private equity, structured
/ mezzanine equity, structured debt, senior secured debt and construction finance. Currently PFMPL manages/advises funds
over INR 8000 crores on the equity side and INR 4000 crores of gross disbursements on the debt side. PFMPL is a part of
Piramal Capital along with the Structured Investment Group (SIG) which only provides structured mezzanine funding to
corporates in various sectors including infrastructure.
Real Estate
Developers
Xander Finance [Mumbai, 2010]: Xander Finance, a Systemically Important NBFC in India, is the credit lending arm of the UK-
based Xander Group. With key focus on financing real estate, manufacturing and the services sector, Xander provides
specialised products such as acquisition financing, collateral based financing, debt restructuring, and last mile project funding. So
Real Estate far has invested in multiple residential projects in Mumbai, Bangalore and Noida.
Developers
DMI Finance [Delhi, 2008]: DMI Finance is a non-deposit taking NBFC offering secured loans in India with a major focus in real
estate. They invest mainly in residential assets across the NCR, Bangalore and smaller towns such as Jaipur, Chandigarh and
Ludhiana. In 2012, they bought 16 per cent equity stake in Alchemist Asset Reconstruction Company. They also offer housing
loans through their subsidiary DMI Housing Finance. In January 2013, The Burman family, promoters of consumer goods
Real Estate company Dabur India, acquired a minority stake in DMI Finance.
Developers
Indostar Capital Finance [Mumbai, 2011]: Indostar Capital is a wholesale credit institution offering secured term loans to indian
corporates in real estate, infra-structure and renewable energy projects. They also offer loans for special situations such as
acquisitions and buyouts as well as for capital expenditure or working capital. The company was set up together by Goldman
Sachs, Ashmore and Everstone Capital with an initial capital of $200M. Their other sponsors include Beacon India, ACPI
Real Estate Investment Managers and CDIB Capital.
Developers

Company Details: Commercial Loans - Vehicle (1/2)

Au Financiers [Jaipur, 1996]: AU Financiers provides loans to entrepreneurs for the acquisition of commercial vehicles. It
CDC Group, Warburg Pincus,
offers collateralised loans for commercial vehicles to clients who are typically first-time entrepreneurs, located in under-
International Finance Corporation,
banked rural and semi-urban areas. It provides loans for new vehicles and second-hand vehicles including refinancing. It $128M
Motilal Oswal Venture Capital Advisors,
offers loans for heavy and light commercial vehicles, multi-utility vehicles, tractors and three wheelers. It has since diversified
Chrys Capital
into providing SME loans and affordable housing loans (through its subsidiary AU Housing Finance)
Vehicle
Cholamandalam Investment and Finance Company [Chennai, 1978]: Incorporated in 1978 as an asset financing
company. Now a financial services provider offering vehicle finance, home loans, home equity loans, SME loans, investment
advisory services and stock broking, with about 75% portfolio comprising of commercial vehicle loans. Operates from over $83.2M Apax Partners
575 branches across India with assets under management above INR 25,000 crore and 7.5 lakh customers. Part of the INR
Vehicle 243 Billion Murugappa Group.
Hinduja Leyland Finance [Chennai, 2008]: Hinduja Leyland Finance (HLF) is a non-deposit taking NBFC and is one of
India’s leading providers of vehicle finance with presence across 20 states through 1,100+ branches. It provides customized
finance for the widest range of utility vehicles, tractors, cars, two wheelers and focuses on the semi-urban and rural sector. It $33M Everstone Investment Advisors
provides financing for commercial vehicles, personal vehicles and construction equipment. The company is jointly owned by
Ashok Leyland and other entities of the Hinduja group
Vehicle
Newlink Overseas Finance Limited [Chennai, 1991]: Provides asset financing to certain niche segments like educational
institutions, industrial units and hotels, for the purchase of college buses, light and heavy commercial vehicles, cars, two
wheelers, laboratory equipments, hospital equipments, construction equipments, kitchen equipments, air conditioning plant,
elevators, computers etc. Also offers loans for second-hand vehicles. Has 7 branches in Tamil Nadu and 2 branches in NCR.
Managed by ex-Executive Director of the Indian Overseas Bank.
Vehicle
Fraternal Credit and Financial Services [Irinjalakuda, 1994]: Hire purchase loans for old and new commercial vehicles.
Also offers equipment finance for construction equipment. Based out of Thrissur district in Kerala and plans to expand in the
state.
Vehicle

Company Details: Commercial Loans – Vehicle –

Used Vehicle (1/2)
Diganta Finance [Shimoga, 1992]: NBFC registered as an asset finance company. Engaged in hire purchase of new and
used vehicles.
Vehicle
Mentor India [Jaipur, 1995]: Offer loans for heavy and light commercial vehicles, multi-utility vehicles & cars, three
wheelers and two wheelers. Nine offices in Rajasthan catering to over 20 locations in the state. Offers home loans and loans
against property through a sister concern Mentor Homefin. Also offers micro finance in the range of INR 10,000 - 50,000 with
the repayment schedule of 10 to 24 months. Another service includes personal loan agains LIC policies. Part of the Mentor
Group which has a footprint in automobile spare parts, automobile lubricants, construction and education.
Vehicle
Kogta Financial India [Jaipur, 1996]: Kogta Financial India offers asset financing for new and used cars and commercial
vehicles in Rajasthan. In March 2010, they purchased the retail auto loan portfolio of GMAC Financial Services India which
had assets worth Rs.45 crore ($10M) spread across 14 states in India.
Vehicle
Magma Fincorp [Kolkata, 1988]: Magma Fincorp provides a diversified product portfolio including loans for cars and utility
vehicles, commercial vehicles, construction equipment, tractors, used vehicles, SME businesses, mortgage finance as well as
gold loan financing, housing finance and general insurance. In 2012-13 year, Magma launched loans for mortgaged finance
following the acquisition of the mortgage business of GE India. The company has a pan-India presence across 21 states with
280+ branches, 20% of its offices are in urban areas, 34% semi-urban and 45% in rural areas. It serves more than a million
customers. Its non-promoter shareholders include KKR, IFC, Chrys Capital, India Capital and Bank Muscat
Vehicle
Sakhti Finance [Coimbatore, 1955]: Operates in the niche segment of refinancing commercial vehicles up to 15 years old
and construction vehicles up to 7 years old. Operates through 43 branches in Tamil Nadu, Kerala, Karnataka and Andhra
Vehicle - Used Pradesh. Part of the Coimbatore based Sakthi Group of Companies, having presence in multiple industries including auto-
Vehicles components.

Company Details: Commercial Loans – Vehicle –

Used Vehicle (2/2)
EssKay Auto Finance [Jaipur, 1994]: EssKay Auto Finance Private Limited provides financial solutions for pre-owned
commercial vehicles. The company has 86 branches across Rajasthan and Gujarat and focusses on tier II and tier III cities. In
March 2012, Banyan Tree Growth Capital invested an unknown amount in the company.
Vehicle - Used
Vehicles
Shriram Transport Finance Company Limited [Mumbai, 1979]: Shriram Transport Finance Company (STFC) is India's
largest player in commercial vehicle finance with a network of 620 branches and 515 rural centres. The company focuses on
pre-owned trucks for small truck owners and it claims to have a 25% market share in pre-owned and about 5-6% market share
in new truck financing. It provides lending for heavy duty trucks, medium trucks, pickup trucks, passenger vehicles, farm
Vehicle - Used equipment and construction vehicle & equipment
Vehicles

Consumer Loans NBFC List
Consumer Loans
$71M $96M $2M

Finance
Commercial Loans
$257M $244M $39M $9M $4M

Microfinance
$1.09B $12M $32M

Bandhan Ananya

Company Details: Consumer Loans - Education (1/1)

Avanse Financial Services [Mumbai, 2012]: Avanse Financial Services, an associate company of Dewan Housing Finance
Ltd. (DHFL), focuses on providing education loans to Indian students for studies in India and abroad. It provides 100%
education finance with no margin money. Its loans are completely secured as it insists on creditworthy co-borrower for a loan
$2.3M International Finance Corporation
disbursal. Along with loans for dominant courses like engineering, business and management, Avanse also provides students
the opportunity to explore new age courses like Aquaculture, Photo Journalism, courses in Music & Culture, etc. IFC
holds a 20% stake in the company
Education
Kashmir Finance [Mumbai, 2012]: Offers loans for vocational training. Average loan size of Rs 80,000 for a period of 24-36
months. Offers services in Mumbai, Hyderabad, Bangalore, Ludhiana, Raipur, Pune and Jammu through an asset light model.
In March 2015, They raised an undisclosed amount of funding from HNIs.
Education
Credila Financial Services Pvt.Ltd [Mumbai, 2006]: Credila Finance, a subsidiary of HDFC bank, is a specialized lender
that focuses exclusively on education loans. The company offers loans to Indian students already in the USA, to Indian
students going overseas and also to Indian students attending colleges in India. Unlike bank education loans, Credila's loans
are all secured as the company insists on one or more creditworthy co-borrowers for all loan disbursals. It claims to have
provided its services to 90,000+ students. HDFC acquried a 41% stake in Credila in Nov 2009 and a further 10% stake in July
2010
Education

Company Details: Consumer Loans – Gold (1/1)

Manappuram Finance [Valapad, 1992]: Gold Loans NBFC founded in Kerala having 3,293 branches across 27 states and
BPE, Ashmore Investment
Union territories, with assets under management of INR 8,823 Cr. Also offers services such as foreign exchange and money
Management, Granite Hill Capital
transfer. Entered the housing finance segment, acquiring Jaypee Hotels’ Milestone Home Finance in 2013. Also entered the $51.5M
Partners, Sequoia Capital, India Equity
micro finance segment by acquiring a 71% stake in Asirvad, a South India focussed MFI, for INR 48.63 Cr. Plans to infuse a
Partners
further Rs 63 crore into Asirvad as equity capital, taking its total stake to 84.98%.
Gold
Muthoot Finance [Kochi, 1939]: Market leader in gold loans with AUM worth INR 22,088Cr. Has 4,400 branches all over
India with a concentrated presence in South India. The largest seller of gold and silver coins in India. Obtained a license from
RBI for operating 9,000 White Label ATMs in 2013. Launched a new loan for financing the down payment of housing loan in Baring Private Equity Partners India
$44.2M
Oct 2014. Holds 51% equity share in Asia Asset Finance PLC Colombo, a listed financial company in Sri Lanka; has a plan to Limited, Matrix Partners, GIC
launch gold loan operations in Sri Lanka. Its onvestors include Birla Mutual Fund, Wellcome Trust London, Allard Growth
Gold Fund, Baring India and Matrix Partners.
Chemmanur Credits and Investments [Thrissur, 2011]: Offer gold loans and money transfer services (through Western
Union). Also offers a gold savings scheme to help their customers benefit from appreciation in gold prices. A network of 115
branches in Kerala and a total loan size of INR 220 Cr (as on March 31, 2014). Planning to expand into Tamil Nadu with a
long term plan of opening 500 branches in Tamil Nadu, Andhra Pradesh and Kerala together. Operates a 24/7 gold loan
branch in Thrissur, Kerala. Part of the Boby Chemmanur International Group, a jewellery group owning 25 jewellery outlets in
Gold
and outside India with manpower of 5000 employees.
Muthoot Fincorp Ltd. [Trivandrum, 1887]: The flagship Company of the Kerala-based Muthoot Pappachan Group. Has over
3800 branches spread across 15 states in India. Serves an average of 40,000 customers a day and has a loan book of INR
110 Bn. Also offers services such as foreign exchange and money transfer, and has sister organisations specialised in vehicle
and housing finance. Launched its business correspondent operations for YES Bank on February 2015. In September 2014,
the company announced its plan to divest 20% of its stake for a proposed amount of $200Bn.
Gold
Kosamattam Finance [Kottayam, 2004]: Kosamattam Finance grants loans against the pledge of household jewellery in
south and west India through its 875 branches spread over Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Delhi,
Maharashtra, Gujarat, Telangana and in the Union Territory of Puducherry. They offer loans with interest rates from 12% to
31% depending on duration and other factors. It is a part of the Kosamattam Group which has a diversified profile in health
Gold care, wind energy and forex.

Company Details: Consumer Loans - Housing (1/5)

Shubham Housing Development Finance Company [Gurgaon, 2010]: Shubham provides housing credit solutions such as
home loans and home improvement loans for individuals with informal income. It provides loans to borrowers in the lower and
informal income segments located in urban and semi-urban locations across primarily northern and western India. The Motilal Oswal Venture Capital Advisors,
company has reached a customer base of more than 4,500 families with an asset book of Rs. 235 crore. The company has $28M Helion Venture Partners, Elevar Equity,
50+ branches across India and provides loans valued between Rs. 1 Lakh to Rs. 15 Lakh at an interest rate ranging between Accion, Saama Capital
17%-22%. Instead of relying on document-based underwriting, it relies on a customised credit program for each of its
customers
Housing
Aptus Value Housing Finance India Limited [Chennai, 2009]: Aptus primarily addresses the housing finance needs of self
employed, informal segment of customers who belong to middle income group in semi urban and rural markets. As self
Westbridge Capital Partners, Caspian
employed, business segment from semi urban areas lacks access to housing finance, Aptus caters to the needs of these
$16M Advisors Private Limited, Granite Hill
customers. It provides home loan in the range of Rs. 3 lakhs - Rs. 25 lakhs for a period of upto 15 years. The company
Capital Partners
currently operates through its 40 branches in Tamil Nadu, Andhra Pradesh and Karnataka. In addition to the long term housing
loan, Aptus also offers credit facility to meet the short term working capital needs of SMEs
Housing
India Shelter Finance Corporation Ltd (InSheFCo), [Gurgaon, 1998]: India Shelter Finance Corporation (InSheFCo)
provides credit to middle income households for acquiring new housing or to extend and improve their current housing. The
company provides home loans up to a maximum of Rs. 10 lakhs to low and middle income urban borrowers for a period of up
Sequoia Capital, Nexus Venture
to 15 years. These loans can be used by borrowers for purchase of apartments, construction of homes, home improvements $13M
Partners
and home extensions. The company has provided loans to 7000+ to the tune of Rs 175 crores. It is backed by Sequoia Capital
and Nexus Venture Partners. The company was previously known as Satyaprakash Housing Finance India Limited and was
taken over by a group of professionals and relaunched in March 2010
Housing
Micro Housing Finance Corporation Limited [Mumbai, 2008]: Micro Housing Finance Corporation Limited (MHFC)
provides funding for affordable housing. It lends amounts upto Rs 5 lakh as loans for a period upto 15 years, with the house
Unilazer Ventures, Caspian Advisors
serving as security for the loan. Its objective is to provide housing finance for lower income households, mostly working in the
$10.4M Private Limited, Michael & Susan Dell
informal sector in urban India. It works on a project-led approach and ties up with developers, both public and private, who
Foundation
have a similar focus on urban affordable housing. It has presence in Mumbai, Pune, Ahmedabad, Surat, etc. and charges
interest rates between 11%-13%. Its lenders include National Housing Bank, HDFC and various commercial banks
Housing


Aspire Home Finance Corporation [Mumbai, 2013]: Offers loans up to 25 lakh for construction or purchase of property to
lower and middle income customers. Initial focus in Maharashtra, Madhya Pradesh and Gujarat, including extended suburbs
of Mumbai, Pune, Nagpur, Akola, Nasik, Indore, Ahmedabad, Surat, Vadodara and Bhopal. Plans to have a pan India
presence through branches and sales centers in the extended suburbs of Metros & Mini Metros and Tier II & Tier
III cities. Started lending operations with INR 100 crore of capital and plans to have disbursed loans of INR 200 Cr by March
2015. Supported by Motilal Oswal Securities as an investor.
Housing
Swarna Pragati Housing Microfinance [Delhi, 2011]: Swarna Pragati Housing provides micro housing loans in the states
of Maharashtra, Odisha, Karnataka and Tamil Nadu. It provides loans through a SHG (self-help group) model and focuses
on incremental housing (a model where low-income families build their houses one step at a time). The housing loans are Aavishkaar Venture Management
$3.4M
provided both for fresh construction and for renovation/repairs/up-gradation of existing houses. Swarna Pragati partners with services
local microfinance institutions (MFIs) in various geographies to leverage their relationships with borrowing groups. The
company gives loans in the amounts averaging Rs 40,000-Rs 80,000 with average terms of 36-48 months
Housing
Mamta Housing Finance Company [Chennai, 2014]: Non-deposit accepting housing finance company. Offers home loans
for buying a new house, an old house, for construction of a house, for home-improvement or home home extension. Also
offers balance transfer of an existing loan from another FI, and a topup loan over another home loan. Home loans are given
at a floating interest rate for 75% of the value for a tenure of up to 25 years. A group company of HTC Global Services, a
global IT solutions provider.
Housing
HBN Housing Finance [New Delhi, 2004]: Housing finance company registered with RBI offering home loans for new
houses, loan against property, loan for repairs of existing buildings and loans for non residential buildings. Loan amount
varies from 1Lakh to 1Cr with a maximum tenure of 20 years.
Housing
Orange City Housing Finance [Nagpur, 2003]: Publicly held housing finance company in central India under license from
National Housing Bank. Offers home loans for new homes, resale property, home improvement/extension, loan against
property and lease rental discounting. Company has NPA of almost zero and is now expanding beyond Nagpur.
Housing


North Eastern Region Housing Finance Company [New Delhi, 2013]: Offers housing finance upto INR 10 Lakhs in the
north-east and the hilly regions of north India. Grants up to 80% of property value for a tenure of 5-12 years at an interest of
12-16.5%. Has a loan portfolio of over INR 378M benefitting 1588 customers and a presence in Mizoram, Manipur,
Arunachal Pradesh, Uttarakhand and Delhi through 26 branches. Promoted by the promoters of NEREFS Ltd, a leading
Micro Finance company in the North East.
Housing
Panthoibi Housing Finance Company [Imphal, 2009]: The first housing finance company in North-East India registered
under NHB. Offers housing loans and personal loans with a floating interest rate over a prime rate of 16.5%. Grants loan
amounts of INR1,00,000/- to 50,00,000/- with a tenure of 1 to 20 years. The company has an authorised capital of INR 11Cr.
Housing
New Habitat Housing Finance and Development [Noida, 2014]: Housing finance company with a special thrust on
affordable housing. Offers home loans, home improvement/extension loans, home construction loans, balance transfer and
top-up over loans by other banks, loans against property and lease rental discounting. Started in October 2014 with initial
paid-up capital of INR 12 Cr, which is planned to be increased to INR 100 Cr in the next 3 years. Plans to have a loan book
size of INR 1,000 crore and a pan India presence in five years. Part of the Wave Group, a business coglomerate with
interests in sugar manufacturing, distilleries and breweries, real estate, malls and multiplexes, beverages, sports, education
Housing
and entertainment.
USB Housing Finance Corporation [Delhi, 2010]: Offers home loans and loans against property in Delhi - NCR, Madhya
Pradesh, Uttar Pradesh, Haryana and Gujarat. Started operations in July 2012 and had disbursed loans of INR 53.6M till
August 2014. Plans to expand into rural housing and affordable housing in the future. Also plans to offer vehicle loans and
business loans.
Housing
National Trust Housing Finance [Chennai, 1995]: Offers loans for purchase or construction of a new house, renovation or
extension of an existing house, take over of or top-up over an existing loan and loan against mortgage of property. Focus on
Tier I and II cities with branches in Chennai, Bangalore, Hyderabad, Vellore, Salem, Trichy, Madurai and Thirupattur. Core
management team with a cumulative experience of over 70 years in finance. Stakeholders include Creso Asia (26.67%),
South India House Estates & Properties (30.40%) and South India Travels (42.93%).
Housing


Swagat Housing Finance Company [Mumbai, 1996]: Offers fixed interest rate home loans for home purchase, home
renovation and home extension to individuals in lower and middle income groups. Provides up to 80% finance in the range of
Rs. 1- 20 Lakhs with tenures of 5 to 20 years. Also offers guidance and counselling wrt shortlisting of property and associated
paper work along with financial assistance. Has a highly experienced team of finance professionals.
Housing
Saral Home Finance [Delhi, 2007]: Saral Home Finance Ltd (SHFL) provides housing loans of up to 15 Lakhs to middle-
income households in Delhi-NCR and East Rajasthan. They grant loans for new constructions, extensions and purchase of
old houses. SHFL was originally known as Vishwakriya Housing Finance Ltd and now operates using its brand name Saral
Dhan.
Housing
Au Housing Finance Ltd. [Jaipur, 2011]: Au Housing Finance provides housing loans, primarily in the un-served,
unreached and under-served markets of semi-urban and rural areas in India. Its target customers belong to low and middle
income segment levels. The company uses a unique appraisal methodology to assess customers that are un-served by
commercial banks. It has presence across 6 states with a network of 36 branches. It provides loans for purchasing and
construction of homes, and for home extension. The average ticket size of its loan is Rs. 6.5 lacs with a maximum limit of Rs.
25 lacs over a duration of upto 10 years. The company operates as a wholly owned subsidiary of Au Financiers Ltd; the
parent company is backed by IFC, Motilal Oswal and Warburg Pincus
Housing
Equitas Housing Finance [Chennai, 2010]: Equitas Housing Finance provides long-term home financing for self-employed
consumers who plan to purchase an affordable home. Equitas aims to reach to such customers who are not effectively
serviced by the formal financial sector. It offers loans in the range of Rs. 1 lakh - Rs. 25 lakh for a period of upto 15 years. It is
a wholly owned subsidiary of Equitas Holdings. The company has 11 branches across Tamil Nadu, Karnataka and
Housing Maharashtra. Its lending partners include IDBI Bank, HDFC Bank, Kotak Mahindra Bank, etc.
Aadhar Housing Finance Pvt. Ltd. [Mumbai, 2010]: Aadhar Housing Finance provides home loans to lower and middle
income groups, whose income levels range between Rs. 60,000 to Rs. 3,50,000 per annum. Its customer base comprises
salaried, self-employed and agricultural income based population in tier II, tier III and tier IV cities.Tthe maximum loan it
extends is Rs 12 lakhs and charges an interest rate of 10.75% on floating basis. It offers loans for home purchase and
construction, home improvement, home extension and also offers loan against property. The company is currently present in
7 states with 16 branches serving total 58 locations through hub-n-spoke model. It is a joint venture of DHFL (the third largest
housing finance company in India) and IFC (International Finance Corporation) - a member of the World Bank Group
Housing


RAAS Housing Finance [Delhi, 2013]: RAAS Housing Finance provides long term financing services for purchase,
construction, extension, repairs of houses or dwelling units. It provides loans in the range of Rs. 5 lakhs - Rs. 2 crores for a
tenure of upto 20 years. It also offers loan against property and mortgage loans. The company was incorporated in July 2013
Housing
Aspire Home Finance Corporation [Mumbai, 2013]: Aspire Home Finance Corporation Ltd (AHFCL) provides home loans
to low and mid-income salaried and self-employed individuals in tier II and tier III cities. It extends loans for residential house
construction on own land, purchase of new and ready build residential houses, home improvement loans and home
extension loans. The average loan size is Rs. 20 lakh. It also plans to provide non -housing loans such as loan against
property and real estate loans to builders. The company plans to draw funds from banks in the first two years, following
which it will tap capital markets. The company is promoted by Motilal Oswal Group
Housing
Home First Finance Company [Mumbai, 2010]: Home First Finance Company (HFFC) provides housing loans to buyers
of affordable housing priced between Rs. 5 lakhs - Rs. 30 lakhs. Its average loan size is ~Rs. 10 lakhs. It serves first time
Bessemer Venture Partners, Tata
home buyers who are unable to avail loans from existing banks and other housing finance companies. It provides home
Capital
loans to salaried and self employed people. Other than home loans, it also offers shop loans for customers to build or
expand their business, and also offers loans against property. The company has presence in 15 Indian cities
Housing
ACME Star Housing Finance [Udaipur, 2005]: Provides home loans for purchase of houses/plots for construction and
renovation or extension of existing units. Also provides loan against mortgage of property. Customer can avail a loan of 70-
80% of the cost of property at a rate of 10-15% with a tenure of 5 to 15 years. Part of the ACME Group of Companies which
in engaged in several financial activities such as microfinance and two-wheeler finance. Filed a draft prospectus with BSE's
SME Platform in December 2014.
Housing

Company Details: Consumer Loans - Medical (1/1)

Arogya Finance [Mumbai, 2011]: Arogya Finance lends money to the bottom-of-the-pyramid segment for their medical
needs. It has developed a proprietary approach, which allows it allows it to evaluate the credit worthiness of and lend to
individuals and families who are outside the formal system and who do not have access to salary slips, collateral, etc. It lends
between Rs 20,000 to Rs 2 lakh at 12% interest rates for a tenure of up to 3 years. The firm is active in 9 states and is
working with over 50 hospitals. As of May 2014, it has lent $800,000 to over 350 patients with a repayment rate of 97%+
Medical
Mya Health Credit [Mumbai, 2012]: Mya Health Credit provides loans to patients undergoing a medical procedure. The
company has a tie-up with Tata Capital and offers medical loans of more than Rs 70,000 and up to Rs 5 lakh for procedures
ranging from dental implant to bariatric surgery to hair transplant. It offers personal loans for planned surgeries that need to be
repaid over a period of 1-3 years with an interest rate of ~10%
Medical

Company Details: Consumer Loans - Vehicle (1/1)

Ford Credit India [Mumbai, 2015]: Involved in hire-purchase financing of Ford vehicles. Plans to start its operations in 2015
with wholesale inventory finance for Ford dealers. Plans to introduce retail finance in the later part of 2015. A subsidiary of
Ford Motor Credit Company, the global financing subsidiary of Ford Motor Company
Vehicle
Tvs Credit Services Limited [Chennai, 2010]: Primarily deals with financing of two wheelers and other vehicles
manufactured by TVS Motor Company. Also involved in used cars, tractors and three wheeler financing. Part of the $5 Billion
TVS Group. Has over 20 branch offices and an access to a network of over 2500 TVS Motor Company dealerships for
distribution. Preferred financier for TAFE and Eicher for tractor financing.
Vehicle
Sreeragh General Finance [Cochin, 1994]: Deposit accepting NBFC, offers loans (hire-purchase financing) for two-
wheelers. Has 4 branches in kerala dealing with vehicle finance. Issued full -fledged money changing license by the Foreign
Exchange Department of the RBI which allows the company to engage in FOREX trade through designated branches of the
company.
Vehicle
Kamal AutoFinance [Jaipur, 1994]: Kamal AutoFinance Ltd (KAFL) is the largest deposit-taking NBFC in Rajasthan with
key focus on two-wheeler automobile loans in rural areas and other diverse offerings in personal loans, working capital loans
for businesses and education loans. The parent Kamal Group is engaged in automobile dealership and auto-parts
manufacture in Rajasthan.
Vehicle

Microfinance Companies List
Consumer Loans
$71M $96M $2M

Finance
Commercial Loans
$257M $244M $39M $9M $4M

Microfinance
$1.09B $12M $32M

Bandhan Ananya

Company Details: Micro Finance (1/15)

Bandhan Financial Services [Kolkata, 2001]: The largest miocrofinance institution in India with 20%+ market share and a
network of 2,000+ branches across 22 states and union territories. Has disbursed loans to more than 5.8 million customers.
Its outstanding loans stand at Rs. 7,810 crores. Provides collateral free micro loans in the range of Rs. 1,000-Rs. 10,000 to
socially and economically disadvantaged women for health, education and general purposes. Also provides loans for fisheries $295.9M
SIDBI, GIC
and other micro enterprises. Started off as an NGO in 2001 and obtained an NBFC license later. In 2014, RBI granted a
preliminary license to Bandhan for starting a bank in India. The recent funding from GIC and IFC will be used to establish 600
bank branches across 27 states in India, with 50% branches in rural areas.
SKS Microfinance [Mumbai, 1998]: MFI following the group lending model, offers micro loans and micro insurance for Sandstone Capital, Silicon Valley Bank,
women. Offers income generation loans, mid-term & long term loans, solar loans, housing loans, gold loans and mobile/phone Sequoia Capital, Odyssey Investment
$130M
loans. Has 1255 branches in 294 districts with 5.8M members and a loanbook of over 3000Cr. Went through a restructuring Partners, Khosla Ventures, Unitus
post the 2010 AP crisis. In January 2015, SKS applied for a small finance bank license. Equity Fund, Catamaran Ventures
CDC Group, Canaan Partners, Creation
Equitas Holdings [Chennai, 2007]: Equitas Holdings, through its subsidiaries, provides microfinance, used commercial
Investments, FMO Nederlandse
vehicle finance, and housing finance services in India. It is primarily engaged in extending micro loans (comprising 60% of its
Financierings Maatchappij
total loan portfolio) to people who are not served by mainstream banking channels. It provides micro loans to women through $111M
Ontwikkelingslanden, Caspian Advisors,
a joint liability group model. It has 318 branches across 7 states serving a customer base of more than 1 million. It is also
involved in social initiatives such as skills development, health camps, etc.
Sequoia Capital
CDC Group, NewQuest Capital

Ujjivan Financial Services [Bangalore, 2005]: Ujjivan is one of India's leading urban-poor focused microfinance institutions.
Partners, Wolfensohn & Company,
It provides loans primarily to women for a range of activities: individual business loan, emergency loan, education loan, group
FMO Nederlandse, Lok Capital,
business loan, livestock loan, home improvement loan etc. The company serves over 1 million customers in 22 states across
$105M Caspian Advisors, Sequoia Capital,
India and claims to be the largest MFI in Bangalore, Mumbai and Delhi metro areas. It was ranked #2 in the financial services
Elevar Equity, Unitus Equity Fund,
industry as the 'Best Company to Work for' in 2014 and was awarded Indian Microfinance Organisation of the Year 2011. The
company has disbursed loans of ~ $1.5B through its network of 350 branches with a repayment rate of 99.9%
Michael & Susan Dell Foundation
Janalakshmi [Bangalore, 2006]: Janalakshmi Financial Services caters to the under-banked population in urban areas.
Provides micro loans for the low income urban poor sector and assists in preparing financial by offering products and services Morgan Stanley, Tata Capital, Caspian
that meet their requirements at each stage in the life cycle. Apart from microfinance, the company also offers enterprise loans Advisors Private Limited, TPG
$96M
for MSMEs and housing loans. It has 158 branches spread over 16 Indian states and 85 cities which cater to a customer base Wholesale Private Limited., GAWA
of 18 lakhs. In the financial year 2013-14, its loan portfolio was more than Rs. 2000 crore. The company had revenues of Rs. Capital
170 crores and net profit of Rs. 18 crore during FY2013


Spandana Sphoorty Financial Limited [Hyderabad, 1997]: Spandana provides income generation loans, short term loans
for working capital, mortgage loans, micro enterprise loans and gold loans to low income households. It has a network of 940
branches spread across 12 states and 187 districts and has an outstanding loan portfolio of $350M. It operates in the states
of Andhra Pradesh, Karnataka, Tamil Nadu, Maharashtra, Orissa, Madhya Pradesh, Rajasthan and Chhattisgarh. The firm, $45M Lok Capital, Helion Venture Partners
which was once one of the leading MFIs in India, was referred to the Corporate Restructuring Board (CRB) by Andhra
Pradesh (AP) government following the 2010 MFI crisis in the state. Since then, it is trying to diversify its customer base
beyond AP and is introducing new products
Grameen Financial Services [Bangalore, 1999]: Grameen Financial Services offers collateral-free loans to women from
poor and low-income households in Karnataka, Tamil Nadu and Maharashtra. It follows Grameen Bank's group lending Incofin Investment Management,
methodology. It provides micro credit for the creation of equal opportunities and inclusive development of both urban and rural Creation Investments, MicroVest Capital
$34.8M
poor to help them raise their standard of living. It provides micro loans for income generation, family welfare, emergency, Management, LLC, Aavishkaar Venture
home improvement and home construction. It also provides micro insurance and pension solutions. It offers non-financial Management services
services such as training, education and awareness creation programs for skill generation and literacy improvement.
Utkarsh Micro Finance [Varanasi, 2009]: Utkarsh Micro Finance provides income generating micro loans to people,
following a group lending model, in UP, Bihar, MP and other states of North India. It provides income generation loans in the
range of Rs. 6,000 - Rs. 15,000 and also offers loans to micro enterprises between Rs. 50,000 - Rs. 300,000. Other than
Norwegian Microfinance Initiative,
financial products, it provides vocational training, financial training, free medical services and solar-powered products to its
Aavishkaar Venture Management
members. It has a network of 213 branches through which it reaches 500,000+ customersPrivate Limited is registered with $29.6M
services, International Finance
Reserve Bank of India as Non Banking Finance Company (NBFC). Its registered office and corporate office is in Varanasi
Corporation, Lok Capital, CDC Group
(Uttar Pradesh). It is started to provide financial and non financial services in its area of operations to the unbanked
population who have the skill but are in need of capital. Initially it has started with credit and insurance, but eventually it will
also undertake other activities to bring transformation in the lives of underprivileged.
Share Microfin Ltd [Hyderabad, 1989]: Share Microfinance provides micro loans to women for income generation under the
joint liability group model of lending. It also offers loans to micro enterprises for business expansion and personal loans to
individuals. It provides all its borrowers with life insurance and offers health insurance. It has a gross loan portfolio of Rs.
Aavishkaar Venture Management
1,820 crore as on 31st March 2014. The organization’s operation spreads over 17 states with 798 branches reaching $27M
services, Legatum
2,035,671 clients. The firm, which was once one of the leading MFIs in India, was referred to the Corporate Restructuring
Board (CRB) by Andhra Pradesh (AP) government following the 2010 MFI crisis in the state. The company claims to have
improved its business position and is focusing on expanding outside Andhra Pradesh


Asirvad Microfinance [Chennai, 2007]: Asirvad Microfinance provides micro loans, housing and festival loans, to poor
women in the states of Tamil Nadu, Kerala, Odisha and Gujarat. It follows the Grameen Bank methodology of group
guarantee for repayment of loans, which leads to a repayment rate of 98-99%. It offers loans in the range of Rs. 10,000 - Rs. $23.1M Lok Capital, Manappuram Finance
25,000. In Dec 2014, Manappuram Finance, a gold loan providing firm, acquired a 71% stake in Asirvad for INR 48.63 Cr.
Manappuram plans to infuse a further Rs 63 crore into Asirvad as equity capital, taking its total stake to 84.98%.
Margdarshak Financial Services Ltd [Lucknow, 2007]: Margdarshak Financial Services is a Lucknow based NBFC-MFI
with gross loan portfolio of Rs. 37 crore as on 31st March 2014. It provides deprived and vulnerable communities in North
India access to credit and pension products and services. It provides income generating loans to rural and urban poor through $21.5M
group based individual lending methodology. The organization’s operation spreads over 3 states (Uttar Pradesh, Bihar and
Haryana) with 40 branches reaching 41,258 clients.
Satin Creditcare [Delhi, 1990]: Satin Creditcare provides micro loans to both urban poor and rural poor to help them meet
their productive requirements in starting new business or for growing an existing business. It is a leading micro finance
institution in Northern India and has the largest number of banking relationships compared to all other Microfinance
Norwegian Microfinance Initiative, Lok
Institutions in the country, including 18 public sector banks, 11 private sector banks, 5 foreign banks and 18 domestic and
$18M Capital, Maj Invest, MicroVest Capital
foreign institutional lenders. It provides loans in the range of Rs. 10,000 - Rs. 50,000 and its lending approach is based on
Management, LLC
both Joint Liability Group (JLG) model and Self Help Group (SHG) model. The company went public in 1996 and has been
listed on Delhi, Jaipur and Ludhiana stock exchanges. Norwegian Microfinance Initiative (NMI), MicroVest and Maj Invest
together own a 48% stake in the company
Suryoday Microfinance [Mumbai, 2008]: Suryoday Micro Finance provides loans to women from economically weaker
sections, below poverty line and the marginal poor who do not have access to traditional banking, with an objective to reduce
poverty in its area of operations. It provides microcredit through joint liability group model. The company has a presence International Finance Corporation, Lok
across 7 states and through its 140 branches, it has served 4 lakh customers. It provides general loans in the range of Rs. $15.6M Capital, Aavishkaar Venture
10,000 - Rs. 30,000 and for business purpose, it offers loans between Rs. 25,000 - Rs. 75,000. It has operations in Management services, HDFC Limited
Maharashtra, Tamil Nadu, Odisha, Gujarat, Rajasthan, Karnataka and Madhya Pradesh. Other than micro loans, it provides
skills training and financial literacy to people.
Trident Microfin Ltd. [Hyderabad, 2007]: Trident Microfin is a Hyderabad based NBFC with gross loan portfolio of Rs. 113
crore as on 31st March 2014. It offers microcredit and microinsurance services to both men and women, in rural as well as
urban areas under the joint liability group model of lending. The organization’s operation spreads across 3 states (Andhra
$15M Caspian Advisors Private Limited
Pradesh, Madhya Pradesh and Maharashtra) with 30 branches reaching 180,447 clients. The company, which was one of the
leading MFIs in Andhra Pradesh, went into Corporate Debt Restructuring and in Jan 2014, it was reported that the company
faced risk of closure


Arohan Financial [Kolkata, 2006]: Arohan provides micro-loans to vendors and entrepreneurs who are typically involved in
non-farm related business activities. It also offers micro pension and micro insurance to people. Arohan operates in West Michael & Susan Dell Foundation,
Bengal, Bihar and Assam, and has plans to expand in other states. It won MFI of the year award at the Microfinance India Aavishkaar Venture Management
$14.9M
Summit in 2010. As of Nov 2014, it has presence in 26 districts, 250,000+ customers and Rs. 311.7 Crore outstanding loans. services, Lok Capital, Caspian Advisors
In Sep 2012, IntelleCash, a subsidiary of investment banking services and advisory firm Intellecap, acquired a controlling Private Limited, Tano Capital
stake in Arohan
S.M.I.L.E Microfinance Limited [Chennai, 2004]: SMILE Microfinance provides loans to poor women in urban and rural
areas of Tamil Nadu and Puducherry. It offers loans for a range of income-generating activities, such as livestock, agriculture,
trade (such as vegetable vending), and production (basket weaving, pottery etc). It adopts a joint liability group model to
$10M Developing World Markets
provide unsecured loans to women. It has 158 microfinance branches in 24 districts across Tamil Nadu and Puducherry in
India. In 2013-2014, SMILE disbursed $86.5M worth of loans and claims to have an on-time repayment rate of 99.9%. In 2010,
Developing World Markets acquired a 2/3 stake in the company for ~$10M
Swadhaar FinServe [Mumbai, 2008]: Swadhaar focuses on increasing the urban poor’s access to financial products and
provides innovative, efficient and transparent financial services to economically vulnerable urban households. It provides
individual loans to women in the range of Rs. 8,000-Rs. 34,000 on a joint liability group model, and working capital loans to Accion, Unitus Equity Fund, Michael &
individual businessmen in the range of Rs. 15,000 - Rs. 100,000 to be used for purposes such as inventory purchase or $9M Susan Dell Foundation, MicroVest
business expansion. It has operations in Maharashtra, Gujarat and Rajashtan. In 2013, it entered into a partnership with Airtel Capital Management, LLC
Money to offer bank account facility to its customers. Accion, Dell Foundation, Unitus Fund, Micro Vest and SIDBI together
own 80% shares in the company
Grama Vidiyal Micro Finance [Trichy, 1986]: Grama Vidiyal provides collateral-free loans to women who do not have
WorldBusiness Capital, Inc., Unitus
access to formal credit, thus facilitating the economic, social and political empowerment of these women and their families. It
Equity Fund, AMAR International
started its microfinance operations in 2008. It provides general loans for various income generating activities upto a limit of Rs. $8.6M
Charitable Foundation, MicroVest
25,000. Its operations are primarily focused in Tamil Nadu, however, it reaches across 50 districts in 4 states. It serves 1
Capital Management, LLC
million households and has disbursed loans worth $400M. Vinod Khosla is an individual investor in Grama Vidiyal
Annapurna Microfinance [Bhubaneswar, 2009]: Annapurna Microfinance provides micro loans in areas of Orissa and
Chhattisgarh which are unserved by the formal financial system. Its objective is to provide livelihood support to poor
BIO - Belgian Investment Company for
households by providing financial and technical support to promote entrepreneurial skill for effective and efficient undertaking
$8.2M Developing Countries, Incofin
of business activities. As of Feb 2014, it had 225,000 clients across a network of 53 branches and a loan book of Rs.144
Investment Management
crore. It uses the group lending model where poor women guarantee each other’s loans. It provides loans for paddy
cultivation, vegetable cultivation, fisheries, dairy, snacks making etc.


RGVN (Northeast) Microfinance Limited [Guwahati, 1995]: RGVN (North East) Microfinance Ltd. (RGVNMFL) provides
micro-credit to under-served poor population in rural, semi-urban and urban areas of the north-east. It provides loans to
women based on self-help group and joint-liability group model. It also offers micro enterprise loans and assists people in Norwegian Microfinance Initiative,
$7M
training and capacity building. It operates in 5 North-East states of Assam, Arunachal Pradesh, Nagaland, Meghalaya and Oikocredit Intl
Sikkim, through a network of 107 branches. Its borrower base is 1.7 lakhs and it disbursed loans worth Rs. 170 crores in FY
2013, it has an on-time recovery rate of 99.72%
Sonata Finance [Lucknow, 2006]: Sonata Finance provides micro loans to women in North India. It disburses loans both
through through a joint liability model and as individual loans. It has a network of 192 branches through which it reaches
Creation Investments, Michael & Susan
~372,000 customers. It provides loans in the range of Rs. 7,000 - Rs. 50,000 for income generation activities. Its primary area $6.4M
Dell Foundation
of operations is Uttar Pradesh. Bellwether Microfinance Fund (managed by Caspian Advisors) is a promoter and India
Financial Inclusion Fund is an equity investor in the firm
SV Creditline (Private) Limited [Gurgaon, 1996]: SV Creditline provides micro loans to women living on low incomes
innorthern and central India where many households have no access to financial services. It provides loans in the range of Rs.
$6M OikocreditUK
10,000 to Rs. 1,00,000 under a joint liability group model. The company has been involved in microfinance since January,
2010 and has its operations in three states - Uttar Pradesh, Madhya Pradesh & Rajasthan
Fusion Microfinance [Delhi, 2010]: Fusion provides micro loans ranging from Rs. 12,000 to Rs. 30,000 for a tenure of 1.5
years to 2 years to un-served customers from the poor section of the society. It offers group loans, based on the Grameen- Norwegian Microfinance Initiative,
$5.5M
JLG (joint liability group) model. The loans are given to customers for starting new business or expanding existing businesses. Incofin Investment Management
In addition to micro-credit services, it offers life insurance for its clients and their spouse.
Saija Finance Pvt. Ltd. [Patna, 2007]: Saija Finance provides microfinance services to urban and rural poor, as well as micro
and small businessmen in the under-served geographies of north and east India. It provides lending through a group liability
$5M Accion, Narayanan Shadagopan
model and the loan amount is between Rs. 5,000 - Rs.50,000. The company has a network of 25 branches across 9 districts.
It has served ~89,000 customers and its loan portfolio stands at ~Rs. 100 crore


Madura Micro Finance Ltd [Chennai, 2006]: Provides financial products to the underserved rural population. Its primary
product is a group loan (microcredit) to women’s self help groups (SHGs) for the purpose of small business support. The
formation and training of these groups are managed through its partner organization, Microcredit Foundation of India. Has
$4.4M Unitus Equity Fund
204 branches across Tamilnadu, Karnataka and Maharashtra and reaches 2,200 villages. It has disbursed over $150 million
in micro loans to over 500,000 people and is recognized by Forbes as the most cost efficient microfinance institution
worldwide
Belstar Investment and Finance [Chennai, 2008]: NBFC-MFI with gross loan portfolio of Rs. 124 crore as on 31st March
Norwegian Microfinance Initiative,
2014. Primarily offers loans in Tamil Nadu for creation of micro-enterprises. It offers collateral-free loans to Self Help Group
$4.2M International Finance Corporation,
(SHG) members, and also offers education and home improvement loans. The organization’s operation spreads over 4 states
Oikocredit Intl
(Tamil Nadu, Pondicherry, Karnataka and Madhya Pradesh) with 64 branches reaching 113,838 clients
ESAF Microfinance and Investments [Chennai, 1992]: Provides microfinance services through group-lending model,
primarily lending to rural women. It provides micro loans in the range of Rs. 4000 - Rs. 100,000 for general purposes,
agriculture loans, education loans, home improvement loans, etc. Its network spans more than 100 branches across 26
$3.2M Oikocredit Intl
districts in 5 states and it has served more than 250,000 low income families. Apart from microloans, it also provides micro-
insurance, health care, homes & infrastructure and retail services for the poor. In 1998, the company received seed
funding from Grameen Trust, Bangladesh and expanded its operations
Bhartiya Samruddhi Investments and Consulting Services (BASICS Ltd.) [Hyderabad, 1996]: Basix is a Hyderabad
based NBFC with gross loan portfolio of Rs. 239 cr as on 31st March 2014. Aims to provide a comprehensive set of livelihood
promotion services to rural poor households by offerng micro-credit, micro insurance and technical assistance in agriculture,
livestock, enterprise and institutional development. Provides lending through Joint Liability groups (JLG), Self Help Groups Lok Capital, Matrix Partners, Triodos
(SHG), Mutually Aided Cooperative Thrift and Societies (MACTS), Revolving of savings and credit Associations (ROSCAS) $33.6M Bank, Aavishkaar Venture Management
and direct individual loans to individuals. Its operation spreads over 16 states with 148 branches reaching 347,566 clients. services, SIDBI
The company suffered a loss of over Rs. 700 crore due to the mass default caused by microfinance crisis in Andhra Pradesh.
In 2012, the company, which was one of the leading MFIs in India, went into Corporate Debt Restructuring and today it is at
5% of the size it was. In Jan 2014, it was reported that the company faced risk of closure
Svasti Foundation [Mumbai, 2008]: Svasti Microfinance Private Limited is a Mumbai based NBFC with gross loan portfolio
of Rs. 42 cr as on 31st March 2014. It started off by giving micro loans based on a joint liability group lending model in the
BlueOrchard Finance SA, Michael &
range of Rs. 15,000 - Rs. 35,000 to low-income group women. It is expanding its products to provide loans, savings and $2.4M
Susan Dell Foundation
insurance products in the areas that it services directly or as an agent to banks and insurance companies. The organization’s
operation spreads over Mumbai with 10 branches reaching 31,154 clients


Hope Micro Credit Finance [Palakkad, 2005]: Started as an NGO in 2005 and incorporated as an NBFC-MFI in 2010.
Follows the SHG model and offers income generation loans, short term business loans and micro-insurance to rural and
$2.3M Incofin Investment Management
semi-urban women. Has a loan portfolio of INR 259M, a client base of over 83000 spread over 44 branches in Kerala, Tamil
Nadu, Meghalaya and the Andaman & Nicobar Islands. Promoted by the Hope Foundation, Kerala.
Disha Microfin [Ahmedabad, 2009]: Disha Microfin caters to the 'base of pyramid' customers through affordable financial
services in the states of Gujarat, Rajasthan and Madhya Pradesh. It provides microfinance products and services to rural, India Value Fund Advisors Private
$2M
semi urban and urban women on a commercially sustainable basis. It offers joint liability group based microloans, credit Limited
linked insurance and retirement solutions. As of 31st Mar, 2014 it operates through anetwork of 61 branches
Asomi Finance [Guwahati, 2001]: Began as an NGO in 2001 and started operating as NBFC in 2009 by acquiring Arham
Finance. Offers micro loans through the SHG model in 20 districts of Assam, operating through 44 branches with focus on
$1.6M Incofin Investment Management
women and micro-entrepreneurs. Has impacted 2012 villages with over 120,000 members and a loan book of INR 40Cr. Also
offers small savings accounts (up to INR 1500) and micro-insurance. Belgium based Incofin owns 34% stake in the company.
Chaitanya India Micro Finance [Bangalore, 2009]: Chaitanya Finance provides income generating micro loans based on a
joint liability group lending model. It provides loans in the range of Rs. 5,000 - Rs. 50,000, and also provides gold loans and 2-
$1.4M Blume Ventures
wheeler loans. It has a gross loan portfolio of Rs. 56 crore as on 31st March 2014. The organization’s operation spreads over
Karnataka with 29 branches reaching 46,329 clients
North Eastern Region Finservices [New Delhi, 2004]: Offers micro-lending to individuals in the capacity of an individual as
well as through a joint lending group. Also offers lending for agricultural/horticultural purposes. Has a loan portfolio of over
328 Cr, and a presence in 14 states in 83 districts through 119 branches providing financial assistance to more than 1.3 lakh
beneficiaries in the North East States, Uttarakhand, Himachal Pradesh, Punjab, Rajasthan, Karnataka and Delhi. Has a $1.1M
recovery of 97% and a capital adequacy of 34%, against the RBI norm of 15%. The promoters have also started the North
East Region Housing Finance Company, focused on housing loans in north-east India. In 2010, PNB acquired a 8.45% stake
in the company at INR 5Cr.


Heritage Finlease [Hyderabad, 1996]: Heritage Finlease lends to dairy farmers to own animals and supply milk to the dairy
industry. Also supports the back end needs of the farmers like breed selection, veterinary care, feed and fodder selection to
increase the yield of milk per animal.This business also draws synergies from Heritage Foods, which runs one of the largest $0.9M
dairies in the country. Tie-ups with Heritage and other dairies also helps Heritage Finlease with background checks and credit
performances of the farmers besides the ability to quickly dispense loans.
M Power Micro Finance [Vadodara, 2009]: M Power Micro provides micro loans to low-income groups in Gujarat and
Maharashtra. It offers loans in the range of Rs. 15,000 - Rs. 25,000 for income generation activities and business loans to
$0.8M Au Financiers
micro and small enterprises. It has a network of 15 branches across 2 states and 7 districts, and it has so far disbursed loans
worth Rs. 92 crores.
Navachetana Microfin Services [Haveri, 1999]: Navachetana Microfinance is a non-banking finance company that extends
micro-loans to poor women in Karnataka who are excluded from mainstream banking services. It offers loans in the range of
Rs. 1,000 - Rs. 36,000 for income generation activities and also for emergency needs. It follows a joint liability group model $0.3M
for lending. It has a gross loan portfolio of Rs. 29 crore as on 31st March 2014. The organization’s operation spreads over
Karnataka with 14 branches reaching 26,065 clients
Arth Finance [Jaipur, 2000]: Offer micro finance solutions such as loans for individuals, loans for micro-enterprises, housing
loans and two-wheeler finance. Has 10 branches across Rajasthan, Gujarat and Madhya Pradesh and a gross loan portfolio
of about 18Cr. Partnered with State Bank of India, SIDBI and IDBI. Part of the Kuldhara Group, a non-profit organisation
which works towards financial inclusion in rural areas.
Janasree MicroFin [Trivandrum, 2011]: NBFC MFI based on a modified SHG model, where district-based SHGs form
mutual benefit trusts, which in turn own the NBFC together. Janasree currently has 14 SHGs, impacting 31000 people with a
gross loan portfolio of INR 5.2 Cr. Headed by M M Hassan, a leader of the Indian National Congress, who owns about 0.1%
stake in the company.


Future Financial Services [Chittoor, 2007]: Provides small loans ranging from INR 10,000 to INR 35,000 for income
generating & productive activities to rural and semi-urban women. Has also financed over 300 micro enterprises and
acts as a sub-aggregator for national pension scheme NPS-Lite. Operates through 110 branches in AP, Karnataka and Tamil
Nadu. Gross loan portfolio INR 223.75Cr. Centralized back-office related activities through a in-house developed loan
originating system (CAMS). Most of the underwriting activities are automated with minimal human intervention. Was funded
by India Value Fund in 2010, along with Disha Microfin. The company has now emerged from the Andhra Pradesh crisis and
been making profits from the past 1 year.
Grihastha Finance Ltd. [Patna, 2002]: Provides micro loans ranging from INR 10,000 to 50,000 for income generating
businesses. Led by a diverse team of chartered accountants, engineers and lawyers.
Destiny Finco [Kolkata, 2008]: Started its MFI operations in 2008 with the loan portfolio of Sahara Utsarga Welfare Society.
Operational in 3 districts of West Bengal through 24 branches with over 9500 borrowers, via the SHG model. Loan portfolio of
INR 5.8Cr with an interest rate of 24.3% and recovery rate of 99.99%.
Hindusthan Microfinance [Mumbai, 2008]: Offers micro loans in Mumbai and its suburbs. Has 3 branches, 7000 members
and a loan book of INR 7Cr. Plans to expand to 50 branches in 5 years using MIS software developed by a group company
Hindusthan IT Solutions. The software is capable of handling the wide range of savings and credit products and is compatible
with hand-held devices that generate clients’ receipts at the time of collection. The founder and promoter has 20 years of
experience with running a credit co-operative society.
UNACCO Financial Services [Guwahati, 2008]: Offers Micro loans for income generation in Assam, Manipur, Tripura and
West Bengal. Follows the JLG model of lending and targets married women in the age group on 18-55 years. Loan amount up
to INR 20000 with an interest rate of 25%. Members are trained for 11 days in a Compulsory Group Training (CGT) and then
a group recognition test is conducted to identify the potential members. Organises 'Economic Empowerment Programme for
Poor Women' in a partnership with LIC to promote micro-enterprises by women.


Growing Opportunity Finance (India) [Chennai, 2006]: Offers micro loans for education, livestock, festivities, micro-
enterprises, home improvement and consumer durables. Also offers micro-insurance and services such as financial literacy
programmes, business training and community health awareness training. Works on the JLG model and has a loan portfolio
of INR 36 Cr, with an interest rate of 26% and a repayment rate of 99%. Has over 32000 members, mostly women, and
operates through 15 branches spread across Tamil Nadu and Chattisgarh. Growing Opportunity began as an NGO called
Intermission Mic'ro Enterprise Development’ in 1996, and was converted into a NBFC in 2006.
Apex Abhishek Finance [Coimbatore, 2010]: Offers micro loans in Tamil Nadu, Gujarat and Madhya Pradesh through
SHG and JLG model. Has 8 branches and 27744 borrowers with a current loan portfolio of INR 18.39Cr. Has a SMERA
rating of MFI3, the highest rating for any MFI. Organises customer training programmes and group meetings with their
borrowers to inculcate a credit discipline and facilitate repayments.
Anjali Microfinance [Kolkata, 2001]: Engaged in micro lending and micro insurance activities through the JLG model,
providing micro loans for income generating activities, small businesses and agricultural activities in rural and semi-urban
areas. Has a loan portfolio of over 12.7 Cr and a loan repayment rate of 98.3%. Operating through 17 branches in 14 districts
spread across West Bengal, Tripura, Bihar and Assam. Member of MFIN and financed by Ananya Finance and IFMR Capital.
Anchors the program of 'Women Self Help Group' in Dhalai, Tripura, working with NABARD, SBI, UBI and Tripura Grameen
Bank. The NBFC has been in operation since March 2001 and went through a managerial reform in 2009.
Kaveri Credits (India) [Bangalore, 2008]: Microlending organisation formed in 1995, taken over and reformed by an
experienced group of promoters in 2008. Offers micro loans to JLGs and individuals for income generation, activities allied to
agriculture and micro enterprises. Loan amount ranges from INR 5000 to 50000 with a flat rate of 13.1%. Loan profile
consists of 60% women. Follows the livelihood financing model whichrequires linkages across all the stakeholders in the
value chain and promotes the formation of producers' cooperatives. Has partnered with SBI, Oiko Credit and Ananya
Microfinance for investments.
Sanchetna India Financial Services [Lucknow, 2008]: Provides micro-lending to individuals and wholesale lending to
microfinance institutions. Has a gross loan portfolio of approximately USD 459,000, total assets of approximately USD
596,000 and 4,233 active borrowers as of 2009, according to Microfinance Information Exchange. Partnered with
samridhiindia.com to help generate employment in the dairy sector.


Arman Financial Services Ltd. [Ahmedabad, 1992]: Arman Financial Services, through its wholly-owned subsidiary Namra
Finance, provides micro finance services such as credit, savings and insurance to low income individuals or households in
Gujarat. It provides collateral-free loans under the joint liability group lending model in the range of Rs. 12,000-Rs.15,000 for
income generation activities. It has a gross loan portfolio of Rs. 49 crore as on 31st March 2014 and its operation spreads
over Gujarat with 30 branches reaching 59,174 clients. Other than this, it also assists its clients by providing them two wheeler
and three wheeler loans for income generating activities.
Uttrayan Financial Services [Kolkata, 2009]: Uttrayan provides small ticket micro loans to poor woman in rural and semi-
urban area through joint liability group lending model. It provides financial and non financial services to the unbanked
population who have the skills but are in need of capital. Its network expands 10 districts of West Bengal where it caters to
77,000 clients
Svatantra Microfin Pvt. Ltd [Mumbai, 2012]: Svatantra Microfinance provides micro loans to help its customers become
economically self-sustainable. It caters to both rural and urban areas.. It gives individual loans based on a joint liability group
lending model for business requirements like working capital or capital expenditure. It has given 28,000+ loans since 2013 and
claims to have a repayment rate of 100% on them. It provides loans in the range of Rs. 10,000 - Rs. 25,000 and before giving
a loan, clients are provided with a short financial training session to teach them about the basics of budget management
Midland microfin Ltd [Jalandhar, 2010]: Midland Microfin provides micro loans to women belonging from low income group
primarily in the state of Punjab. It follows a joint liability group model of lending. It provides loans for income generation
activities so that low income entrepreneurs can improve their standard of living and create assets for themselves. It has a
network of 28 branches across 3 states and 18 districts through which it reaches 68,000+ borrowers. It has outstanding loan
amount of Rs. 52 crore.
Light Microfinance pvt Ltd. [Ahmedabad, 2010]: Light Microfinance provides micro credit to women who belong to below
poverty line category, specifically from the rural areas, in order to help facilitate their upward movement in the economic
status. It provides loans based on joint liability group lending model in the range of Rs. 5,000 to Rs. 30,000 for income
generation activities. It received financial assistance in March 2010 from Ananya Finance for Inclusive Growth


Virutcham Microfinance Ltd. [Madurai, 2008]: Virutcham Microfinance is engaged in extending Micro credit to economically
active persons. The company generally provides small value collateral free loans ranging ftom Rs. 10,000 to 50,000 upto a
period of 24 months with monthly repayment. It broadly follows the Self-Help Group model of lending and gives loans for
income generation activities. It operates through a network of 6 branches in Tamil Nadu. It has ~4,800 active borrowers and
its outstanding loan amount is nearly Rs. 3.5 crores. SIDBI and Tamil Mercantile Bank are the main sources of its funding
Digamber Capfin Ltd [Jaipur, 2009]: Digamber Capfin primarily engages in providing microfinance loans based on the Joint
Liability Group (JLG) model to poor women residents of urban, semi-urban and rural areas. Its area of operations is spread
across 8 districts of Rajasthan covering 26 branches and 3 districts of Madhya Pradesh covering 6 branches. As on
November 30, 2013, it had 40,500 active borrowers and had outstanding loans of Rs.26 crore. The company started
microfinance business in 2009, before which it was involved in two-wheeler financing
Sambandh Financial Services [Rourkela, 2006]: Sambandh Financial Services provides micro loans to women in Orissa
based on joint liability group lending model. It caters to the financial needs of women entrepreneurs from low income
households. It provides loans in the range of Rs. 3,000 - Rs. 25,000. It also offers life insurance, health insurance and free
health camps to people. The company has a network of 7 branches in 2 states and reaches 32,000+ customers
IDF Financial Services [Bangalore, 2009]: IDF Financial Services provides micro loans to women who belong to low-
income groups in urban and rural areas. It follows a Self Help Group model of lending and provides loans for education,
health, emergencies, and also income generation activities. The company has a network of 23 branches spanning 2 states
and reaches out to 54,343 clients. It has an outstanding loan portfolio of Rs. 60 crores
Varam Capital [Chennai, 2011]: Varam provides micro loans to women in Tamil Nadu through a joint liability group lending
model. It offers loans in the range of Rs. 5,000 - Rs. 30,000 for income generation, education and healthcare. It has a gross
loan portfolio of Rs. 10 crore as on 31st March 2014. The organization’s operation spreads across Tamil Nadu with 3
branches reaching 11,731 clients


Samasta Micro Finance Ltd [Bangalore, 2008]: Samasta Micro Finance is a Bangalore-based NBFC-MFI with gross loan
portfolio of Rs. 49 crore as on 31st March 2014. It offers income generating loans and dairy cow loans to women through joint
lending group liability model. It also offers loans for LPG connections, water purifier loan and cattle loan. It offers loans in the
range of Rs. 12,000 - Rs. 35,000. The organization’s operation spreads over 2 states (Karnataka and Tamil Nadu) with 29
branches reaching 55,543 clients
Nirantara FinAccess Private [Bangalore, 2010]: Nirantara focuses on providing microfinance services to semi-urban and
rural poor population in Karnataka. Its target customers include economically active women involved in trading, production,
services and agri-allied livelihoods. It offers credit in the range of Rs. 10,000 - Rs. 25,000 for income generation activities
through joint liability group lending model. As on 30th September 2014, NFPL has outstanding loans of Rs. 5.6 crores. It
reaches to 4,200+ borrowers through its network of 4 branches in 4 districts of Karnataka
Muthoot Mahila Mitra [Ernakulam, 2010]: Muthoot Mahila Mitra, a subsidiary of Muthoot group that is primarily engaged in
gold loans and personal finance, focuses on microfinance services. It provides micro loans to women for income generation
under a joint liability group model. It has recently diversified its product line by introducing loans for MSME and water purifiers.
It has a gross loan portfolio of Rs. 811 crore as on 31st March 2014. The organization’s operation spreads over 6 states
(Kerala, Tamil Nadu, Karnataka, Gujarat, Maharashtra and Goa) with 243 branches reaching 718,478 clients
Sahayog Microfinance Limited [Bhopal, 2009]: Sahayog Microfinance is a Bhopal based NBFC with gross loan portfolio of
Rs. 104 cr as on 31st March 2014. It offers income generation loans to women in rural, semi urban and urban communities
based on joint liability group lending model in the range of Rs. 8,000 - Rs. 40,000. It also provides micro enterprise loans and
dairy development loans to small entrepreneurs. It also offers insurance services to cover the risk of life of its clients. The
organization’s operation spreads over 2 states (Madhya Pradesh and Maharashtra) with 61 branches reaching 72,498 client
Pahal Financial Services Pvt. Ltd. [Ahmedabad, 2011]: Pahal Financial Services is an Ahmedabad based NBFC-MFI with
gross loan portfolio of Rs 54cr and 45,636 customer as on 31st March 2014. It provides individual loans and group loans to
women based on joint liability model. The organization operates in Gujarat with 27 branches and plans to expand into
Maharashtra


Agora Microfinance India Ltd [Mumbai, 2011]: Agora Microfinance is a Mumbai based NBFC with gross loan portfolio of Rs.
5 cr as on 31st March 2014. It provides unsecured loans of upto Rs. 50,000 to slum dwelling individuals. It also offers
education loan upto Rs. 30,000 and group loans based on joint liability model. The organization’s operation spreads over
Maharashtra with 5 branches reaching 5,108 clients. It was previously known as Jagdhan Finance and Investment Ltd
Village Financial Services [Kolkata, 2006]: Village Financial offers micro loans to women under the joint liability group
lending model. It provides loan in the range of Rs. 4,000 - Rs. 50,000. It has a gross loan portfolio of Rs. 89 cr as on 31st
March 2014. The organization’s operation spreads over 3 states (West Bengal, Bihar and Assam) with 101 branches reaching
1,33,274 clients. Other than financial products, it provides additional services such as adult literacy program, financial literacy
programs, health check-ups etc.
ASA International India [Kolkata, 2008]: ASA India is a Kolkata-based NBFC with gross loan portfolio of Rs. 48 cr as on 31st
March 2014. It offers micro loans to women in the range of Rs. 1,000 - Rs. 50,000. The organization’s operations are spread
over 5 states (West Bengal, Bihar, Assam, UP and Tripura) with 102 branches reaching 84,320 clients. ASA International
Holding holds 75% of its shareholding while Proswift Consultancy holds the remaining 25%
Adhikar Microfinance [Bhubaneswar, 1991]: Adhikar Micro Finance is a Bhubaneswar based NBFC-MFI with gross loan
portfolio of Rs. 12 cr, as on 31st March 2014. The organization’s operation spreads over the states of Odisha & Gujarat
with 41 branches reaching 22,455 clients. It offers credit facility to women based on a joint liability group model for housing and
insurance
Jagaran Microfin [Kolkata, 2010]: Jagaran Microfin provides micro loans to women from low-income groups. It offers loans
for income generation, education and house repairs in the range of Rs. 3,000 - Rs. 25,000 under the joint liability group model
of lending. It has a network of 47 branches and it has disbursed 82,655 loans with its gross loan portfolio at Rs. 51 crore. The
company's primary area of operations is West Bengal, though it has opened few branches in Jharkhand and Bihar. It is
promoted by GTFS Multi Services, an entity engaged indistribution of financial products and related activities in West Bengal


BSS Microfinance [Bangalore, 2008]: BSS Microfinance aims to alleviate poverty by providing micro-finance services to
poor women to facilitate increased family earnings and life quality improvement. It provides micro loans in the range of
Rs.1,000 to Rs.30,000 for a tenure of upto 1 year. It follows the Grameen Bank model of funding to groups. It operates
primarily in Karnataka through a network of 67 branches and its loan portfolio was Rs. 184 crore as of Sep 2013

Company Details: Micro Finance - Business

Correspondent (1/1)
IFMR Regional Channels & Services [Chennai, 2008]: IFMR Regional Channels & Services (IRCS) facilitates and
originates financial products and services on behalf of financial institutions (NBFCs and Banks) through a branch based
business model called Kshetriya Gramin Financial Services (KGFS). A KGFS is a local financial institution operating in a
specific geographic area offering the entire wealth management portfolio of savings, investments credit and insurance to the
Lok Capital, PROPARCO, International
local population. ARCS provides these services by acting as a business correspondent for several partner banks and financial $12.4M
Finance Corporation
institution, as well as for its two wholly owned NBFC subsidiaries – Pudhuaaru Financial Services and Ankur Securities.
Currently the company has strategic partnerships with Axis Bank, Yes Bank, Aditya Birla Finance and Edelweiss. The KGFS
network at present has over 110 branches that serve more than 200,000 households in Tamil Nadu, Orissa and Uttarakhand.
IRCS is promoted by the IFMR Trust and has Lok Capital, Proparco and Tata Capital as investors.
Business
Correspondent
FINO PayTech [Mumbai, 2006]: FINO PayTech enables end-to-end customer sourcing and servicing and provides low-cost
payment technology with an extensive services delivery channel. Solutions include biometric-enabled Kiosk Banking for rural
market, handheld device based banking transactions with biometric authentication, Financial Inclusion Gateway for effective
business correspondent management. Also works directly in micro-lending and micro-insurance through their NBFC Intrepid
Finance & Leasing. Has provided micro loans to over 1.2 lakh rural women through 60 branches across Maharashtra,
MP, UP and Bihar, and plans to expand into Chattisgarh and Jharkhand. CEO Manish Khera selected as Young Global Leader
2011 by World Economic Forum. Partner with 20 private and public sector banks including SBI, ICICI, Axis Bank, PNB among
others, 10 government partners, insurance companies including Religare, HDFC Ergo, ICICI, among others, and Enterprise
partners including Bajaj Auto Finance. Backed by IFC, Blackstone, Headland Capital and Intel Capital, among others.
Business
Correspondent
Vaya Finserv [2014]: Business Correspondent that facilitates savings and loans for self-help groups of women on behalf of
banks. The company was founded by former SKS executives and opened its first branch in July. It has 23 branches across six
districts of eastern Maharashtra and northern Karnataka and caters to over 9800 customers. It has so far disbursed loans of
Rs 7.5 crore. Stated to be the first BC to use tablet banking in the field where tablets are used to connect to a centralised
online system that has the ability to interface with core banking systems. SKS Trust Advisors hold 74% stake in Vaya, with
Business SKS's Founder Vikram Akula holding the rest 26%.
Correspondent

Company Details: Micro Finance – Wholesale

Lending (1/1)
IFMR Capital [Chennai, 2008]: Connects high quality microfinance institutions (MFIs), affordable housing finance
companies, institutions lending to small & medium enterprises (SMEs) and commercial vehicle finance companies, with
investors in debt capital markets, such as banks, mutual funds, NBFCs and individuals. Raises debt financing through a
variety of instruments, including securitisation, collateralised debt obligations (CDOs) and loan guarantees which are then
$29M LeapFrog Investments
traded on debt capital markets. Their core competency in underwriting and financial structuring allows them to offer low-risk
investment options to their investors. They also provide own investment by co-investing along with other investors. The
company has been promoted by IFMR Trust which focuses on financial inclusion. So far, they have executed 150
transactions and are planning to tap debt capital from pension funds and insurance companies.
Microfinance
Ananya Finance for Inclusive Growth [Ahmedabad, 2009]: Ananya Finance is an institutional lender to microfinance
institutions. It lends to microfinance institutions which provide loans to low income communities. It also supports organisations
$3M Womens World Banking, IDBI Bank
that work on livelihood creation activities. It has provided assistance of Rs 506 crore to over 130 organisations across 17
Microfinance Indian states.
Grameen Capital [Mumbai, 2007]: Provides debt financing, equity financing and financial advisory services for MFI. Clients
also include affordable healthcare providers, low-cost education firms and other organizations with a social development
focus. Started as a joint venture between Grameen Foundation, Citicorp Finance and IFMR Trust. In March 2015, a NBFC
floated by Grameen received an unknown amount of funding from Ratan Tata, Dempo Group chairman Shrinivas Dempo,
investment banker Vikram Gandhi and existing investors Amit Patni and Arihant Patni.
Microfinance
Maanaveeya Development & Finance [Hyderabad, 2004]: Provides loans and equity funding to microfinance institutions,
agricultural cooperatives and fair trade organisations. offers loans of the size ranging from Rs 25 lakh to Rs 10 crore for three-
six years at 10% interest. Portfolio includes major MFIs and some small educational institutes of India. Indian subsidiary of
Netherlands based Oikocredit, a 40 year old global development financing institution which has financed over 400 MFIs in 30
Microfinance countries.
MicroVentures India [Bangalore, 2009]: Provision of equity and debt financing to Indian Microfinance Institutions. Loan
portfolio includes MFIs such as Suryoday MF and equity portfolio includes Grameen Koota and Equitas MF. The lending
operations of MicroVentures are facilitated by a Bangalore based NBFC MV Microfin. Micro Ventures in an international
financial organisation working in India, Indonesia and Philippines, providing financial products, technical assistance and
Microfinance support to institutions focusing on market-based solutions for social development.

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Lending NBFCs in India

Deal Discovery Made Easy

INTERNET CONSUMER GOODS

SAAS EDUCATION Commercial Loans

FINTECH OUTSOURCING Services for Banks & FIs

HEALTHTECH MEDIA & ENTERTAINMENT

Deal Discovery Made Easy

• MSME Lending - 23 investments worth ~ $256M

• Most Active Investors

Deal Discovery Made Easy

2010 2011 2012 2013 2014 Till April 2015

Hinduja Leyland Finance - Vistaar - $27M

Deal Discovery Made Easy

$71M $96M $2M

$257M $244M $39M $9M $4M

$1.09B $12M $32M

Deal Discovery Made Easy

Total Funding (Million USD)

Microfinance - MFI $1.1B

Commercial Loans - Vehicles $244M

Consumer Loans - Housing $71M Shubham

Commercial Loans - Infrastructure $39M PTC Financial

Wholesale Lending - MFIs $32M Ananya

MF - Business Correspondent $12M IFMR Rural Channels

Commericial Loans - Agriculture $9M SAF

Consumer Loans - Education $2M Avanse

Consumer Loans - Medical NA

Deal Discovery Made Easy

Funding (in Million USD)

Commercial Loans - MSME 200

Wholesale Lending - MFIs Timeline:

Deal Discovery Made Easy

Total Funding (Million USD) 120 120

Funding (in Million USD)

Wholesale Lending - MFIs

Consumer Loans - Education

Consumer Loans - Medical

Deal Discovery Made Easy

2014 Commercial Loans - MSME

2012 Commercial Loans - Infrastructure

Deal Discovery Made Easy

Deal Discovery Made Easy

MSME Vistaar Financial Capital Float Aye Finance

Swarna Pragati Shubham Housing

Education Avanse Financial

Sonata Finance Trident Microfin

Deal Discovery Made Easy

COVERS THE FOLLOWING SECTORS

Deal Discovery Made Easy

$71M $96M $2M

$257M $244M $39M $9M $4M

$1.09B $12M $32M

Deal Discovery Made Easy

Company Details: Commercial Loans - Agricultural

Deal Discovery Made Easy

Company Details: Commercial Loans – Education

Deal Discovery Made Easy

Company Details: Commercial Loans -

Deal Discovery Made Easy

Company Details: Commercial Loans – MSME (1/2)

Deal Discovery Made Easy

Company Details: Commercial Loans – MSME (1/2)

Deal Discovery Made Easy