Top 10 Microfinance Startups in India

1 Bharat Financial Inclusion Limited (BFIL)

A prominent player in the microfinance sector, focusing on financial inclusion in rural areas.

Aspect	Details
Name	Bharat Financial Inclusion Limited (BFIL)
Formerly Known As	SKS Microfinance
Founded	1997
Founder	Vikram Akula
Headquarters	Hyderabad, India
Industry	Microfinance
Services	Microcredit, microloans, financial inclusion services
Target Market	Rural and semi-urban areas, particularly women
Key Products	Income-generating loans, emergency loans, home improvement loans, and other microfinance products
Key Initiatives	Financial literacy programs, digital financial services
Mission	Empowering underserved communities through financial inclusion and sustainable microcredit solutions
Website	BFIL
Parent Company	IndusInd Bank
Key Achievements	One of the largest microfinance institutions in India, extensive rural reach
Number of Employees	Approximately 15,000 (as of latest available data)
Notable Milestones	Merged with IndusInd Bank in 2019 to enhance financial services capabilities
Awards & Recognition	Multiple awards for excellence in financial inclusion and microfinance services

This table encapsulates key information about Bharat Financial Inclusion Limited, highlighting its history, services, mission, and achievements.

This table provides a comprehensive overview of Ujjivan Financial Services, highlighting its foundational details, services, mission, and significant milestones.

2 Ujjivan Financial Services

Known for its microfinance services to women in urban and semi-urban areas, also expanding into small business loans.

Aspect	Details
Name	Ujjivan Financial Services
Founded	2005
Founder	Samit Ghosh
Headquarters	Bengaluru, India
Industry	Microfinance, Banking
Services	Microloans, small business loans, affordable housing loans, personal loans, savings accounts
Target Market	Urban and semi-urban low-income households, especially women
Key Products	Income-generating loans, business loans, group loans, individual loans, housing loans
Key Initiatives	Financial literacy programs, community development programs
Mission	To provide comprehensive financial services to the economically active poor to help them build sustainable livelihoods
Website	Ujjivan Financial Services
Parent Company	Ujjivan Small Finance Bank
Key Achievements	Transitioned to a small finance bank in 2017, extensive network across urban and semi-urban areas
Number of Employees	Approximately 16,000 (as of latest available data)
Notable Milestones	Awarded Small Finance Bank license by the Reserve Bank of India in 2015, listed on stock exchanges
Awards & Recognition	Multiple awards for excellence in microfinance and financial inclusion

This table provides a comprehensive overview of Ujjivan Financial Services, highlighting its foundational details, services, mission, and significant milestones.

This table encapsulates key information about Bharat Financial Inclusion Limited, highlighting its history, services, mission, and achievements.

3 Janalakshmi Financial Services –

Offers microfinance and other financial products to low-income urban households.

Aspect	Details
Name	Janalakshmi Financial Services (now known as Jana Small Finance Bank)
Founded	2008
Founder	Ramesh Ramanathan
Headquarters	Bengaluru, India
Industry	Microfinance, Banking
Services	Microloans, small business loans, housing loans, savings accounts, insurance products
Target Market	Urban low-income households, micro and small businesses
Key Products	Group loans, individual loans, business loans, home improvement loans
Key Initiatives	Financial literacy programs, digital financial services, community development programs
Mission	To provide financial services to underserved urban populations to enhance their economic inclusion
Website	Jana Small Finance Bank
Parent Company	Jana Small Finance Bank
Key Achievements	Transitioned to a small finance bank in 2018, extensive network across urban areas
Number of Employees	Approximately 15,000 (as of latest available data)
Notable Milestones	Awarded Small Finance Bank license by the Reserve Bank of India in 2017, rebranded as Jana Small Finance Bank
Awards & Recognition	Multiple awards for excellence in financial inclusion and microfinance

This table provides a comprehensive overview of Janalakshmi Financial Services, now operating as Jana Small Finance Bank, including its foundational details, services, mission, and significant milestones.

4 Satin Creditcare Network Limited –

Operates across multiple states, providing microfinance services primarily to women in rural areas.

Aspect	Details
Name	Satin Creditcare Network Limited (SCNL)
Founded	1990
Founder	H P Singh
Headquarters	Gurugram, Haryana, India
Industry	Microfinance
Services	Microloans, microenterprise loans, MSME loans, financial literacy programs
Target Market	Rural and semi-urban low-income households, especially women
Key Products	Income-generating loans, business loans, water and sanitation loans, solar loans
Key Initiatives	Financial literacy programs, women empowerment initiatives, digital financial services
Mission	To provide comprehensive financial services to underserved communities to improve their quality of life
Website	Satin Creditcare Network Limited
Parent Company	N/A
Key Achievements	One of the largest microfinance institutions in India, extensive rural reach
Number of Employees	Approximately 12,000 (as of latest available data)
Notable Milestones	Listed on stock exchanges, expanded operations across multiple states in India
Awards & Recognition	Multiple awards for excellence in microfinance and financial inclusion

This table provides a comprehensive overview of Satin Creditcare Network Limited, highlighting its foundational details, services, mission, and significant milestones.

5 ESAF Small Finance Bank –

Started as a microfinance institution, now a small finance bank offering a range of financial services to underserved communities.

Aspect	Details
Name	ESAF Small Finance Bank
Founded	2017 (originated from ESAF Microfinance, established in 1992)
Founder	K. Paul Thomas
Headquarters	Thrissur, Kerala, India
Industry	Banking, Microfinance
Services	Microloans, small business loans, housing loans, savings accounts, insurance, investment products
Target Market	Low-income households, small businesses, and rural populations
Key Products	Group loans, individual loans, MSME loans, affordable housing loans, fixed deposits, recurring deposits
Key Initiatives	Financial literacy programs, women empowerment initiatives, environmental sustainability programs
Mission	To provide responsive banking services to the underserved and unserved households in India
Website	ESAF Small Finance Bank
Parent Company	ESAF Financial Holdings Pvt. Ltd.
Key Achievements	Transitioned from a microfinance institution to a small finance bank in 2017, rapid expansion across India
Number of Employees	Approximately 4,000 (as of latest available data)
Notable Milestones	Received Small Finance Bank license from the Reserve Bank of India, significant growth in customer base
Awards & Recognition	Multiple awards for financial inclusion, sustainability, and innovation in banking

This table provides a comprehensive overview of ESAF Small Finance Bank, highlighting its foundational details, services, mission, and significant milestones.

6 SKS Microfinance –

One of the largest and oldest microfinance institutions in India, focusing on poverty alleviation through microcredit.

Aspect	Details
Name	SKS Microfinance (now Bharat Financial Inclusion Limited – BFIL)
Founded	1997
Founder	Vikram Akula
Headquarters	Hyderabad, India
Industry	Microfinance
Services	Microloans, income-generating loans, emergency loans, insurance products, financial literacy programs
Target Market	Rural and semi-urban low-income households, especially women
Key Products	Group loans, individual loans, emergency loans, home improvement loans
Key Initiatives	Financial inclusion programs, digital financial services, women empowerment initiatives
Mission	To provide financial services to underserved and low-income segments to enhance their economic well-being
Website	Bharat Financial Inclusion Limited
Parent Company	IndusInd Bank
Key Achievements	One of the largest microfinance institutions in India, merger with IndusInd Bank in 2019
Number of Employees	Approximately 15,000 (as of latest available data)
Notable Milestones	Rebranded from SKS Microfinance to Bharat Financial Inclusion Limited, expanded nationwide reach
Awards & Recognition	Multiple awards for excellence in microfinance and financial inclusion

This table provides a comprehensive overview of SKS Microfinance, now operating as Bharat Financial Inclusion Limited, including its foundational details, services, mission, and significant milestones.

7 Equitas Small Finance Bank –

Started as a microfinance institution, now a small finance bank providing financial services to the underserved.

Aspect	Details
Name	Equitas Small Finance Bank
Founded	2007 (as Equitas Micro Finance), became a small finance bank in 2016
Founder	P. N. Vasudevan
Headquarters	Chennai, Tamil Nadu, India
Industry	Banking, Microfinance
Services	Microloans, small business loans, vehicle loans, housing loans, savings accounts, fixed deposits, insurance, investment products
Target Market	Low-income households, small businesses, micro-entrepreneurs
Key Products	Group loans, individual loans, MSME loans, affordable housing loans, vehicle loans, deposits, savings accounts
Key Initiatives	Financial literacy programs, digital banking services, community development initiatives
Mission	To improve the quality of life for economically underserved and unserved people by providing them with access to financial services
Website	Equitas Small Finance Bank
Parent Company	Equitas Holdings Limited
Key Achievements	Transitioned from a microfinance institution to a small finance bank in 2016, extensive branch network across India
Number of Employees	Approximately 16,000 (as of latest available data)
Notable Milestones	Listed on stock exchanges, rapid growth in customer base and service offerings
Awards & Recognition	Multiple awards for innovation in banking and financial inclusion

This table provides a comprehensive overview of Equitas Small Finance Bank, highlighting its foundational details, services, mission, and significant milestones.

8 Bandhan Bank –

Originally a microfinance institution, now a full-fledged bank catering to microfinance clients and expanding into other banking services.

Aspect	Details
Name	Bandhan Bank
Founded	2015 (originated from Bandhan Financial Services Limited established in 2001)
Founder	Chandra Shekhar Ghosh
Headquarters	Kolkata, West Bengal, India
Industry	Banking, Microfinance
Services	Microloans, small business loans, retail loans, savings accounts, current accounts, fixed deposits, recurring deposits, insurance products
Target Market	Low-income households, small businesses, micro-entrepreneurs, and general retail customers
Key Products	Microloans, SME loans, personal loans, home loans, savings accounts, deposits, and insurance
Key Initiatives	Financial literacy programs, women empowerment initiatives, rural banking services
Mission	To provide accessible, simple, cost-effective financial solutions to the unbanked and underbanked segments of society
Website	Bandhan Bank
Parent Company	Bandhan Financial Holdings Limited
Key Achievements	Transitioned from a microfinance institution to a full-fledged bank in 2015, rapid expansion across India
Number of Employees	Approximately 41,000 (as of latest available data)
Notable Milestones	Listed on stock exchanges in 2018, significant growth in customer base and service offerings
Awards & Recognition	Multiple awards for excellence in financial inclusion and banking services

This table provides a comprehensive overview of Bandhan Bank, highlighting its foundational details, services, mission, and significant milestones.

9 Svasti Microfinance –

Operates in various states, providing microfinance services with a focus on rural and underserved areas.

Aspect	Details
Name	Svasti Microfinance Private Limited
Founded	2008
Founders	Aditya Vikram Verma, Bhushan Borgaonkar
Headquarters	Mumbai, Maharashtra, India
Industry	Microfinance
Services	Microloans, financial literacy programs, insurance products
Target Market	Low-income households, especially women, in urban and rural areas
Key Products	Income-generating loans, individual loans, group loans, emergency loans, insurance products
Key Initiatives	Financial literacy and inclusion programs, women empowerment initiatives
Mission	To provide financial services to underserved women to empower them and improve their quality of life
Website	Svasti Microfinance
Parent Company	N/A
Key Achievements	Rapid expansion across multiple states in India, significant growth in client base
Number of Employees	Approximately 1,500 (as of latest available data)
Notable Milestones	Expansion to over 5 states, substantial loan portfolio growth
Awards & Recognition	Recognized for impact on financial inclusion and women empowerment

This table provides a comprehensive overview of Svasti Microfinance, highlighting its foundational details, services, mission, and significant milestones.

10 Arohan Financial Services –

Provides microfinance services to women and underserved communities in multiple states across India.

Aspect	Details
Name	Arohan Financial Services Limited
Founded	2006
Founder	Manoj Kumar Nambiar
Headquarters	Kolkata, West Bengal, India
Industry	Microfinance
Services	Microloans, income-generating loans, group loans, individual loans, financial literacy programs
Target Market	Low-income households, especially women, in rural and semi-urban areas
Key Products	Income-generating loans, emergency loans, small business loans, housing improvement loans
Key Initiatives	Financial literacy programs, women empowerment initiatives, digital financial services
Mission	To enable sustainable livelihoods and empower underserved communities through accessible financial services
Website	Arohan Financial Services
Parent Company	Aavishkaar Group
Key Achievements	Extensive reach in Eastern India, significant impact on economic empowerment
Number of Employees	Approximately 5,000 (as of latest available data)
Notable Milestones	Expansion to multiple states, recognized for innovative microfinance solutions
Awards & Recognition	Multiple awards for excellence in microfinance and financial inclusion

This table provides a comprehensive overview of Arohan Financial Services, highlighting its foundational details, services, mission, and significant achievements in the microfinance sector.

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