Tracxn Lending NBFCs Landscape - India - August 2015

Lending NBFCs in India
Sector Overview
AUGUST 2015
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Illustrative Sectors Tracked in India
INTERNET
MOBILE
SAAS
MARKETPLACES
ADTECH
EDTECH
FINTECH
HEALTHTECH
ENTERPRISE TECH
TECHNOLOGY
CROSS BORDER
TECH
CONSUMER GOODS
FOODS & BEVERAGES
EDUCATION
HEALTHCARE
FINANCE
AGRICULTURE
OUTSOURCING
OFFLINE
MEDIA & ENTERTAINMENT
Consumer Loans
Commercial Loans
Microfinance
Wholesale Loans
Services for Banks & FIs
Insurance
Lending NBFCs – the scope of this report

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

Notable deals
each year
BASIX - $23.6M)
Muthoot Fin - $32.7M
Bandhan - $27M
Au Financiers - $50M
Equitas - $28M
Hinduja Leyland Finance -
$33M
Janalakshmi - $57M
Vistaar - $27M
Cholamandalam -
$83.2M
India Factoring - $100M
Bandhan - $258M
# of players
funded
18 7 16 22 26
$144M
$41M
$227M
$207M
$391M
$439M
2010 2011 2012 2013 2014 Till April 2015
10
Year on year funding in NBFCs between 2010 and YTD 2015
Funding has continued at a steady pace in this
sector, ~$1B has been invested since 2013

NBFCs Market Map
GOLD
Muthoot Finance
EDUCATION
Avanse
MEDICAL
Arogya Finance
VEHICLE
Kamal Auto Finance
HOUSING
Shubham Housing Development
Finance
Microfinance
BUSINESS CORRESPONDENT
(Companies providing microfinance by acting as business
correspondents for Banks & FIs)
IFMR Regional Channels
MFI
(Collateral – free loans for rural women)
Bandhan
Consumer Loans
$71M $96M $2M
$1.09B $12M
VEHICLE
Au Financiers
INFRASTRUCTURE
PTC Financial
AGRICULTURE
SAFL
EDUCATIONAL
INSTITUTIONS
Varthana
MSME
Capital Float
Commercial Loans
$257M $244M $39M $9M $4M
WHOLESALE LENDING
(NBFCs that provide loans to microfinance institutions)
Ananya
$32M
REAL ESTATE
DEVELOPERS
Indostar Capital

Microfinance, MSME Lending and Commercial
Vehicle Loans are the top funded sectors
$1.1B
$257M
$244M
$96M
$71M
$39M
$32M
$12M
$9M
$4M
$2M
NA
0 200 400 600 800 1000 1200 1400
Microfinance - MFI
Commercial Loans - MSME
Commercial Loans - Vehicles
Consumer Loans - Gold
Consumer Loans - Housing
Commercial Loans - Infrastructure
Wholesale Lending - MFIs
MF - Business Correspondent
Commericial Loans - Agriculture
Commericial Loans - Educational Institutes
Consumer Loans - Education
Consumer Loans - Medical
Total Funding (Million USD)
Cumulative Funding across various Online Rental sectors since 2010 (in $ million)
Bandhan
Intellegrow
Au Financiers
Muthoot
Shubham
PTC Financial
Ananya
IFMR Rural Channels
SAF
L
Varthana
Avanse

Microfinance Institutions (MFIs) saw steady
funding over the years, remains the top funded
sector
0 200 400 600 800 1000 1200
Microfinance - MFI
Commericial Loans -…
Cumulative Funding across various NBFCs since 2008
(in $ million)
0
50
100
150
200
250
300
350
2010 2011 2012 2013 2014 2015
Funding(inMillionUSD)
Microfinance Funding between 2007 - 2015YTD
Top Companies
Timeline:
July 2010 – IPO of SKS Microfinance
November 2010 – Andhra Pradesh State Government enacts an ordinance
preventing MFIs from collecting weekly repayments and conducting cluster
and center meetings
December 2011 – RBI puts in regulations for MFIs based on suggestions
by the Malegham Committee
April 2014 – RBI grants Bandhan a banking license

MSME Loans and Commercial Vehicle Loans
NBFCs saw an increase in funding
0 200 400 600 800 1000 1200
Microfinance - MFI
Commericial Loans -…
Cumulative Funding across various NBFCs since 2008
(in $ million)
0
20
40
60
80
100
120
2012 2013 2014 2015
Top Companies
MSME Loans NBFCs
Funding between 2012 - 2015YTD
0
20
40
60
80
100
120
2010 2012 2013 2014
Commercial Vehicle Loans NBFCs
Funding between 2010 - 2014
Top Companies

Number of funded companies in Housing Loans
increased till 2013 and is now steadily decreasing
0 5 10 15 20 25 30
2008
2009
2010
2011
2012
2013
2014
2015
Number of Funded Startups
Commercial Loans - Vehicle
Commercial Loans - Agriculture
Commercial Loans - Educational Institutions
Micro Finance
Microfinance - Business Correspondent
Wholesale Lending - Microfinance
Year-over-year mapping of the number of companies funded in every sector from 2008 to H1 2015

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
Finance
Corporation
Lok Capital
Michael & Susan
Dell Foundation
Caspian Advisors
Aavishkaar Venture
Management
Sequoia Capital Accion
CommercialLoans
MSME
MAS
Financial
Vistaar Financial
Intellegrow
Kinara Capital
Capital Float Aye Finance
Vehicles Au Financiers
Agriculture SAFL
Educational
Institutes
Varthana
ConsumrLoans
Housing
Micro Housing
Finance Corp
Aptus Value
Housing Finance
Micro Housing
Finance Corp
Swarna Pragati
Housing
Microfinance
InSheFCo
Shubham Housing
Development
Finance
Gold Manappuram
Education Avanse Financial
Microfinance
Microfinance
Bandhan
Equitas
Utkarsh MF
Suryoday MF
Ujjivan
Belstar
Arohan Financial
BASICS
Spandana
Sphoorty
Asirvad
Utkarsh
Suryodaya
Satin Credit Care
Ujjivan
Arohan Financial
Sonata Finance
Svasti Foundation
Swadhaar FinServe
Ujjivan
Arohan Financial
Trident Microfin
Equitas
Janalakshmi
Ujjivan
Arohan Financial
BASICS
Grameen Financial
Share Microfin
Utkarsh MF
Suryoday MF
Equitas
SKS MF
Ujjivan FInancial
Saija Finance
Swadhaar Finserve
Business
Correspondent
IFMR Regional
Channels
IFMR Regional
Channels

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

GOLD
Muthoot Finance
EDUCATION
Avanse
MEDICAL
Arogya Finance
VEHICLE
Kamal Auto Finance
HOUSING
Finance
Microfinance
MFI
Bandhan
Consumer Loans
$71M $96M $2M
$1.09B $12M
VEHICLE
Au Financiers
INFRASTRUCTURE
PTC Financial
AGRICULTURE
SAFL
EDUCATIONAL
INSTITUTIONS
Varthana
MSME
Capital Float
Commercial Loans
$257M $244M $39M $9M $4M
WHOLESALE LENDING
Ananya
$32M
REAL ESTATE
DEVELOPERS
Indostar Capital
Commercial Loans NBFC List

Company Details: Commercial Loans - Agricultural
(1/1)
Company Details Funding Investors
Agricultural
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
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.
$9.3M International Finance Corporation
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.

Educational
Institutions
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
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
Karnataka and Maharashtra. Its core loan offering enables affordable private schools to improve the quality of education and
increase capacity to educate more children
$4.4M
Accion, Elevar Equity, LGT Venture
Philanthropy, Omidyar Network
Educational
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
by Gray Ghost Ventures and Caspian Advisors
Educational
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
does not demand collateral for loans upto Rs 2 lakhs
Company Details: Commercial Loans – Education
Institutions (1/1)

Infrastructure
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
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.
$39M Goldman Sachs, Macquarie Group
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. Won a full-fledged banking licence in April 2014.
Infrastructure
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
INR 5 billion and has expanded to an asset base of INR 148 billion.
Infrastructure
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.
Company Details: Commercial Loans -
Infrastructure (1/1)

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
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
$48M HDFC Life, Warburg Pincus
MSME
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
specific templates and scrutinizes informal records that banks generally don’t accept and conducts background checks on
potential customers. Focuses on customers that run small yet scalable businesses such as power looms, light engineering,
manufacturing units, provision stores and restaurants. Its loan size ranges from Rs 35,000 to Rs 25 lakh at an interest rate of
~24%. As of January 31, 2014, Vistaar had a customer base of around 23,600 borrowers across 74 branches with a loan
portfolio of Rs 207.1 crore. In March 2015, they tied-up with Power2SME which helps SMEs source raw materials.
$37M
Omidyar Network, Elevar Equity,
Westbridge Capital Partners, Silicon
Valley Bank, Saama Capital, Lok
Capital
MSME
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
segments in rural areas through its subsidiary MAS Rural Housing Mortgage Financing Ltd (mrhmfl.in). Currently operates
through 70 branches across Gujarat, Maharashtra and Rajasthan, and has with over 4 lakh customers and and an asset base
of INR 1000 Cr.
$33.5M
FMO Nederlandse Financierings
Maatchappij Ontwikkelingslanden,
International Finance Corporation
MSME
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
energy, Healthcare, education, water & sanitation, Financial Inclusion, etc. The company provides debt financing to
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-
32% charged by other non-banking finance companies and claims it has had zero delinquency to date on extended loans
$6.3M
Omidyar Network, Michael & Susan
Dell Foundation
Company Details: Commercial Loans – MSME (1/2)

MSME
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
loan over primary loan for borrowers with a good track record. Has funded over 300 enterprises so far and added four
branches in the last six months.
$1M SAIF Partners, Accion
MSME
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
products, eco-friendly products and agri-equipment. It claims to have a 99.9% recovery rate. The company aims to create
100,000 net new jobs and impact 1 million lives over the next five years in India. It follows an innovative approach of
managing risk through strategies such as psychometric testing to understand the MSMEs ‘willingness to pay’.
$1.5M
Halloran Philanthropies, Unitus Impact,
Michael & Susan Dell Foundation
MSME
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
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
announced an investment in Five Star for an undisclosed significant minority stake.
Matrix Partners
MSME
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
business credit, Rs 1 lakh for gold loans and Rs 5 lakh for commercial vehicles
MSME
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
Company Details: Commercial Loans – MSME (1/2)

Company Details: Commercial Loans - MSME -
Machinery (1/1)
MSME -
Machinery
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
MAS Financial services for guidance in new avenues of funding.
MSME -
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.
Reports to CIBIL on the payment track record of their clients, thus creating a financial identity for their clients.
MSME -
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
17% stake through a combination of compulsorily convertible preference shares (CCPS) and equity shares in March 2013.

MSME - Working
Capital -
Factoring
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
factoring for the client's supplier. They have 8 offices spread across metros in India and have access to FIMBank's global
factoring network.
$100M FIMBank plc
MSME - Working
Capital - Online
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
of SMEs. Provides loans ranging from Rs. 3-30 lac at interest rates starting from 16%. Borrowers need not pledge property
but loans are offered on the basis of cash flows, customer relationships and expected receivables. Borrowers can apply online
and the sanctioned funds are received within 7 days. Stanford University founding team.
$16M
Aspada Investments, SAIF Partners,
Sequoia Capital
MSME - Working
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
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
M in debt) in 2014. Plans to raise $25 M for scaling up operations.
$9.5M
MSME - Working
Capital
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
from credit and debit cards on its POS. Its flagship product is NeoCash, an online lending financing option for businesses with
no-fixed EMI model and a flexi-repayment scheme. The firm extends financing if a substantial portion of borrowers’ sales
happens on the PoS machine.
$4.6M
Omidyar Network, Aspada
Investments, Khosla Impact
Company Details: Commercial Loans - MSME –
Working Capital (1/1)

Company Details: Commercial Loans - Real Estate
Developers (1/1)
Real Estate
Developers
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
far has invested in multiple residential projects in Mumbai, Bangalore and Noida.
Real Estate
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
company Dabur India, acquired a minority stake in DMI Finance.
Real Estate
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
Investment Managers and CDIB Capital.

Vehicle
Au Financiers [Jaipur, 1996]: AU Financiers provides loans to entrepreneurs for the acquisition of commercial vehicles. It
offers collateralised loans for commercial vehicles to clients who are typically first-time entrepreneurs, located in under-
banked rural and semi-urban areas. It provides loans for new vehicles and second-hand vehicles including refinancing. It
offers loans for heavy and light commercial vehicles, multi-utility vehicles, tractors and three wheelers. It has since diversified
into providing SME loans and affordable housing loans (through its subsidiary AU Housing Finance)
$128M
CDC Group, Warburg Pincus,
International Finance Corporation,
Motilal Oswal Venture Capital Advisors,
Chrys Capital
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
575 branches across India with assets under management above INR 25,000 crore and 7.5 lakh customers. Part of the INR
243 Billion Murugappa Group.
$83.2M Apax Partners
Vehicle
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
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
$33M Everstone Investment Advisors
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.
Company Details: Commercial Loans - Vehicle (1/2)

Vehicle
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 - Used
Vehicles
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
Pradesh. Part of the Coimbatore based Sakthi Group of Companies, having presence in multiple industries including auto-
components.
Company Details: Commercial Loans – Vehicle –
Used Vehicle (1/2)

Vehicle - Used
Vehicles
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
equipment and construction vehicle & equipment
Company Details: Commercial Loans – Vehicle –
Used Vehicle (2/2)

GOLD
Muthoot Finance
EDUCATION
Avanse
MEDICAL
Arogya Finance
VEHICLE
Kamal Auto Finance
HOUSING
Finance
Microfinance
MFI
Bandhan
Consumer Loans
$71M $96M $2M
$1.09B $12M
VEHICLE
Au Financiers
INFRASTRUCTURE
PTC Financial
AGRICULTURE
SAFL
EDUCATIONAL
INSTITUTIONS
Varthana
MSME
Capital Float
Commercial Loans
$257M $244M $39M $9M $4M
WHOLESALE LENDING
Ananya
$32M
REAL ESTATE
DEVELOPERS
Indostar Capital
Consumer Loans NBFC List

Education
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
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
$2.3M International Finance Corporation
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
Company Details: Consumer Loans - Education (1/1)

Gold
Manappuram Finance [Valapad, 1992]: Gold Loans NBFC founded in Kerala having 3,293 branches across 27 states and
Union territories, with assets under management of INR 8,823 Cr. Also offers services such as foreign exchange and money
transfer. Entered the housing finance segment, acquiring Jaypee Hotels’ Milestone Home Finance in 2013. Also entered the
micro finance segment by acquiring a 71% stake in Asirvad, a South India focussed MFI, for INR 48.63 Cr. Plans to infuse a
further Rs 63 crore into Asirvad as equity capital, taking its total stake to 84.98%.
$51.5M
BPE, Ashmore Investment
Management, Granite Hill Capital
Partners, Sequoia Capital, India Equity
Partners
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
Oct 2014. Holds 51% equity share in Asia Asset Finance PLC Colombo, a listed financial company in Sri Lanka; has a plan to
launch gold loan operations in Sri Lanka. Its onvestors include Birla Mutual Fund, Wellcome Trust London, Allard Growth
Fund, Baring India and Matrix Partners.
$44.2M
Baring Private Equity Partners India
Limited, Matrix Partners, GIC
Gold
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
and outside India with manpower of 5000 employees.
Gold
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
care, wind energy and forex.
Company Details: Consumer Loans – Gold (1/1)

Housing
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
company has reached a customer base of more than 4,500 families with an asset book of Rs. 235 crore. The company has
50+ branches across India and provides loans valued between Rs. 1 Lakh to Rs. 15 Lakh at an interest rate ranging between
17%-22%. Instead of relying on document-based underwriting, it relies on a customised credit program for each of its
customers
$28M
Motilal Oswal Venture Capital Advisors,
Helion Venture Partners, Elevar Equity,
Accion, Saama Capital
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
employed, business segment from semi urban areas lacks access to housing finance, Aptus caters to the needs of these
customers. It provides home loan in the range of Rs. 3 lakhs - Rs. 25 lakhs for a period of upto 15 years. The company
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
$16M
Westbridge Capital Partners, Caspian
Advisors Private Limited, Granite Hill
Capital Partners
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
to 15 years. These loans can be used by borrowers for purchase of apartments, construction of homes, home improvements
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
$13M
Sequoia Capital, Nexus Venture
Partners
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
serving as security for the loan. Its objective is to provide housing finance for lower income households, mostly working in the
informal sector in urban India. It works on a project-led approach and ties up with developers, both public and private, who
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
$10.4M
Unilazer Ventures, Caspian Advisors
Private Limited, Michael & Susan Dell
Foundation
Company Details: Consumer Loans - Housing (1/5)

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
provided both for fresh construction and for renovation/repairs/up-gradation of existing houses. Swarna Pragati partners with
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
$3.4M
Aavishkaar Venture Management
services
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
and entertainment.
Housing
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
Maharashtra. Its lending partners include IDBI Bank, HDFC Bank, Kotak Mahindra Bank, etc.
Housing
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
home buyers who are unable to avail loans from existing banks and other housing finance companies. It provides home
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
Bessemer Venture Partners, Tata
Capital
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.

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

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

GOLD
Muthoot Finance
EDUCATION
Avanse
MEDICAL
Arogya Finance
VEHICLE
Kamal Auto Finance
HOUSING
Finance
Microfinance
MFI
Bandhan
Consumer Loans
$71M $96M $2M
$1.09B $12M
VEHICLE
Au Financiers
INFRASTRUCTURE
PTC Financial
AGRICULTURE
SAFL
EDUCATIONAL
INSTITUTIONS
Varthana
MSME
Capital Float
Commercial Loans
$257M $244M $39M $9M $4M
WHOLESALE LENDING
Ananya
$32M
REAL ESTATE
DEVELOPERS
Indostar Capital
Microfinance Companies List

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
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.
$295.9M
SIDBI, GIC
SKS Microfinance [Mumbai, 1998]: MFI following the group lending model, offers micro loans and micro insurance for
women. Offers income generation loans, mid-term & long term loans, solar loans, housing loans, gold loans and mobile/phone
loans. Has 1255 branches in 294 districts with 5.8M members and a loanbook of over 3000Cr. Went through a restructuring
post the 2010 AP crisis. In January 2015, SKS applied for a small finance bank license.
$130M
Sandstone Capital, Silicon Valley Bank,
Sequoia Capital, Odyssey Investment
Partners, Khosla Ventures, Unitus
Equity Fund, Catamaran Ventures
Equitas Holdings [Chennai, 2007]: Equitas Holdings, through its subsidiaries, provides microfinance, used commercial
vehicle finance, and housing finance services in India. It is primarily engaged in extending micro loans (comprising 60% of its
total loan portfolio) to people who are not served by mainstream banking channels. It provides micro loans to women through
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.
$111M
CDC Group, Canaan Partners, Creation
Investments, FMO Nederlandse
Financierings Maatchappij
Ontwikkelingslanden, Caspian Advisors,
Sequoia Capital
Ujjivan Financial Services [Bangalore, 2005]: Ujjivan is one of India's leading urban-poor focused microfinance institutions.
It provides loans primarily to women for a range of activities: individual business loan, emergency loan, education loan, group
business loan, livestock loan, home improvement loan etc. The company serves over 1 million customers in 22 states across
India and claims to be the largest MFI in Bangalore, Mumbai and Delhi metro areas. It was ranked #2 in the financial services
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%
$105M
CDC Group, NewQuest Capital
Partners, Wolfensohn & Company,
FMO Nederlandse, Lok Capital,
Caspian Advisors, Sequoia Capital,
Elevar Equity, Unitus Equity Fund,
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
that meet their requirements at each stage in the life cycle. Apart from microfinance, the company also offers enterprise loans
for MSMEs and housing loans. It has 158 branches spread over 16 Indian states and 85 cities which cater to a customer base
of 18 lakhs. In the financial year 2013-14, its loan portfolio was more than Rs. 2000 crore. The company had revenues of Rs.
170 crores and net profit of Rs. 18 crore during FY2013
$96M
Morgan Stanley, Tata Capital, Caspian
Advisors Private Limited, TPG
Wholesale Private Limited., GAWA
Capital

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,
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
$45M Lok Capital, Helion Venture Partners
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
methodology. It provides micro credit for the creation of equal opportunities and inclusive development of both urban and rural
poor to help them raise their standard of living. It provides micro loans for income generation, family welfare, emergency,
home improvement and home construction. It also provides micro insurance and pension solutions. It offers non-financial
services such as training, education and awareness creation programs for skill generation and literacy improvement.
$34.8M
Incofin Investment Management,
Creation Investments, MicroVest Capital
Management, LLC, Aavishkaar Venture
Management services
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
financial products, it provides vocational training, financial training, free medical services and solar-powered products to its
members. It has a network of 213 branches through which it reaches 500,000+ customersPrivate Limited is registered with
Reserve Bank of India as Non Banking Finance Company (NBFC). Its registered office and corporate office is in Varanasi
(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.
$29.6M
Norwegian Microfinance Initiative,
services, International Finance
Corporation, Lok Capital, CDC Group
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.
1,820 crore as on 31st March 2014. The organization’s operation spreads over 17 states with 798 branches reaching
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
$27M
services, Legatum

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.
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%.
$23.1M Lok Capital, Manappuram Finance
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
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.
$21.5M
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
Institutions in the country, including 18 public sector banks, 11 private sector banks, 5 foreign banks and 18 domestic and
foreign institutional lenders. It provides loans in the range of Rs. 10,000 - Rs. 50,000 and its lending approach is based on
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
$18M
Norwegian Microfinance Initiative, Lok
Capital, Maj Invest, MicroVest Capital
Management, LLC
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
across 7 states and through its 140 branches, it has served 4 lakh customers. It provides general loans in the range of Rs.
10,000 - Rs. 30,000 and for business purpose, it offers loans between Rs. 25,000 - Rs. 75,000. It has operations in
Maharashtra, Tamil Nadu, Odisha, Gujarat, Rajasthan, Karnataka and Madhya Pradesh. Other than micro loans, it provides
skills training and financial literacy to people.
$15.6M
International Finance Corporation, Lok
Capital, Aavishkaar Venture
Management services, HDFC Limited
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
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
$15M Caspian Advisors Private Limited

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
Bengal, Bihar and Assam, and has plans to expand in other states. It won MFI of the year award at the Microfinance India
Summit in 2010. As of Nov 2014, it has presence in 26 districts, 250,000+ customers and Rs. 311.7 Crore outstanding loans.
In Sep 2012, IntelleCash, a subsidiary of investment banking services and advisory firm Intellecap, acquired a controlling
stake in Arohan
$14.9M
Michael & Susan Dell Foundation,
services, Lok Capital, Caspian Advisors
Private Limited, Tano Capital
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
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
$10M Developing World Markets
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
individual businessmen in the range of Rs. 15,000 - Rs. 100,000 to be used for purposes such as inventory purchase or
business expansion. It has operations in Maharashtra, Gujarat and Rajashtan. In 2013, it entered into a partnership with Airtel
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
$9M
Accion, Unitus Equity Fund, Michael &
Susan Dell Foundation, MicroVest
Capital Management, LLC
Grama Vidiyal Micro Finance [Trichy, 1986]: Grama Vidiyal provides collateral-free loans to women who do not have
access to formal credit, thus facilitating the economic, social and political empowerment of these women and their families. It
started its microfinance operations in 2008. It provides general loans for various income generating activities upto a limit of Rs.
25,000. Its operations are primarily focused in Tamil Nadu, however, it reaches across 50 districts in 4 states. It serves 1
million households and has disbursed loans worth $400M. Vinod Khosla is an individual investor in Grama Vidiyal
$8.6M
WorldBusiness Capital, Inc., Unitus
Equity Fund, AMAR International
Charitable Foundation, MicroVest
Capital Management, LLC
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
households by providing financial and technical support to promote entrepreneurial skill for effective and efficient undertaking
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
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.
$8.2M
BIO - Belgian Investment Company for
Developing Countries, Incofin
Investment Management

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
training and capacity building. It operates in 5 North-East states of Assam, Arunachal Pradesh, Nagaland, Meghalaya and
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%
$7M
Oikocredit Intl
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
~372,000 customers. It provides loans in the range of Rs. 7,000 - Rs. 50,000 for income generation activities. Its primary area
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
$6.4M
Creation Investments, Michael & Susan
Dell Foundation
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.
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
$6M OikocreditUK
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-
JLG (joint liability group) model. The loans are given to customers for starting new business or expanding existing businesses.
In addition to micro-credit services, it offers life insurance for its clients and their spouse.
$5.5M
Incofin Investment Management
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
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
$5M Accion, Narayanan Shadagopan

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
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
$4.4M Unitus Equity Fund
Belstar Investment and Finance [Chennai, 2008]: NBFC-MFI with gross loan portfolio of Rs. 124 crore as on 31st March
2014. Primarily offers loans in Tamil Nadu for creation of micro-enterprises. It offers collateral-free loans to Self Help Group
(SHG) members, and also offers education and home improvement loans. The organization’s operation spreads over 4 states
(Tamil Nadu, Pondicherry, Karnataka and Madhya Pradesh) with 64 branches reaching 113,838 clients
$4.2M
Oikocredit Intl
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
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
$3.2M Oikocredit Intl
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
(SHG), Mutually Aided Cooperative Thrift and Societies (MACTS), Revolving of savings and credit Associations (ROSCAS)
and direct individual loans to individuals. Its operation spreads over 16 states with 148 branches reaching 347,566 clients.
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
$33.6M
Lok Capital, Matrix Partners, Triodos
Bank, Aavishkaar Venture Management
services, SIDBI
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
range of Rs. 15,000 - Rs. 35,000 to low-income group women. It is expanding its products to provide loans, savings and
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
$2.4M
BlueOrchard Finance SA, Michael &
Susan Dell Foundation

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
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.
$2.3M Incofin Investment Management
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,
semi urban and urban women on a commercially sustainable basis. It offers joint liability group based microloans, credit
linked insurance and retirement solutions. As of 31st Mar, 2014 it operates through anetwork of 61 branches
$2M
India Value Fund Advisors Private
Limited
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
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.
$1.6M Incofin Investment Management
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-
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
$1.4M Blume Ventures
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
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.
$1.1M

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
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.
$0.9M
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
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.
$0.8M Au Financiers
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
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
$0.3M
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

Tracxn Lending NBFCs Landscape - India - August 2015

Tracxn Lending NBFCs Landscape - India - August 2015

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Tracxn Lending NBFCs Landscape - India - August 2015