Top 10 Microfinance Startups in India

Top 10 Microfinance Startups in India

These startups have made significant strides in promoting financial inclusion and supporting economic development at the grassroots level in India. For the most current information, it’s recommended to check the latest updates and rankings from reliable sources like financial news platforms or industry reports.

1 Ujjivan Financial Services:

Ujjivan is one of the prominent microfinance institutions (MFIs) in India, offering financial services to the underserved communities.

AttributeDetails
Company NameUjjivan Financial Services
Founded2005
FounderSamit Ghosh
HeadquartersBengaluru, India
TypeMicrofinance Institution (now Ujjivan Small Finance Bank)
Services OfferedMicrofinance, Small Finance Banking, Loans, Savings Accounts, Insurance
Target AudienceEconomically underserved sections, primarily in urban and semi-urban areas
Key ProductsGroup Loans, Individual Loans, Housing Loans, Micro and Small Enterprise Loans
Number of BranchesOver 550 branches (as of 2022)
Geographical PresencePan India, covering 24 states and union territories
Conversion to Small Finance BankJanuary 2017
Parent CompanyUjjivan Small Finance Bank Limited
Stock ListingListed on NSE and BSE (UJJIVAN for Financial Services and UJJIVANSFB for Small Finance Bank)
Websiteujjivansfb.in
Ujivan small finance bank: Top 10 Microfinance Startups in India

This table provides a snapshot of Ujjivan Financial Services, covering key aspects such as its history, services, and operational footprint.

2 Janalakshmi Financial Services:

Known for its focus on providing financial inclusion through microfinance, Janalakshmi serves a significant number of customers across India.

AttributeUjjivan Financial ServicesJanalakshmi Financial Services
Company NameUjjivan Financial ServicesJanalakshmi Financial Services
Founded20052008
FounderSamit GhoshRamesh Ramanathan
HeadquartersBengaluru, IndiaBengaluru, India
TypeMicrofinance Institution (now Ujjivan Small Finance Bank)Microfinance Institution (now Jana Small Finance Bank)
Services OfferedMicrofinance, Small Finance Banking, Loans, Savings Accounts, InsuranceMicrofinance, Small Finance Banking, Loans, Savings Accounts, Insurance
Target AudienceEconomically underserved sections, primarily in urban and semi-urban areasUrban poor and underserved communities
Key ProductsGroup Loans, Individual Loans, Housing Loans, Micro and Small Enterprise LoansGroup Loans, Individual Loans, Business Loans, Savings Products
Number of BranchesOver 550 branches (as of 2022)Over 500 branches (as of 2022)
Geographical PresencePan India, covering 24 states and union territoriesPan India, with a focus on urban and semi-urban areas
Conversion to Small Finance BankJanuary 2017March 2018
Parent CompanyUjjivan Small Finance Bank LimitedJana Small Finance Bank Limited
Stock ListingListed on NSE and BSE (UJJIVAN for Financial Services and UJJIVANSFB for Small Finance Bank)Not listed
Websiteujjivansfb.injanabank.com
Jana lakshmi small finance: Top 10 Microfinance Startups in India

This table provides a side-by-side comparison of Ujjivan Financial Services and Janalakshmi Financial Services, highlighting their key attributes and operational details.

3 Equitas Small Finance Bank:

Formerly Equitas Microfinance, it converted into a small finance bank in 2016 and continues to focus on microfinance and financial inclusion.

AttributeDetails
Company NameEquitas Small Finance Bank Limited
Founded2007 (as Equitas Micro Finance), 2016 (converted to Small Finance Bank)
FounderP.N. Vasudevan
HeadquartersChennai, India
TypeSmall Finance Bank
Services OfferedMicrofinance, Retail Banking, Corporate Banking, Loans, Deposits, Insurance, Wealth Management
Target AudienceUnderserved and economically weaker sections, Micro and Small Enterprises
Key ProductsSavings Accounts, Current Accounts, Fixed Deposits, Recurring Deposits, Home Loans, Vehicle Loans, Micro Loans, SME Loans
Number of BranchesOver 800 branches (as of 2022)
Geographical PresencePan India, covering urban, semi-urban, and rural areas
Conversion to Small Finance BankSeptember 2016
Parent CompanyEquitas Holdings Limited
Stock ListingListed on NSE and BSE (EQUITASBNK)
Websiteequitasbank.com
Equitas small finance bank: Top 10 Microfinance Startups in India

This table provides an overview of Equitas Small Finance Bank, covering key details such as its history, services, and operational footprint.

4 Bharat Financial Inclusion Limited (BFIL):

Now part of IndusInd Bank, BFIL was a leading microfinance institution in India, known for its extensive reach and impact.

AttributeDetails
Company NameBharat Financial Inclusion Limited (BFIL)
Founded1997 (as SKS Microfinance)
FounderVikram Akula
HeadquartersHyderabad, India
TypeMicrofinance Institution
Services OfferedMicroloans, Insurance, Savings Products, Financial Literacy Programs
Target AudienceRural and semi-urban poor, especially women
Key ProductsIncome-generating Loans, Emergency Loans, Livelihood Loans, Health Insurance
Number of BranchesOver 1,400 branches (as of 2022)
Geographical PresencePan India, with a strong presence in rural and semi-urban areas
AcquisitionAcquired by IndusInd Bank in 2019
Parent CompanyIndusInd Bank Limited
Stock ListingDelisted post acquisition by IndusInd Bank
Websitebfil.co.in (under IndusInd Bank’s microfinance section)
Bharat financial inclusive limited: Top 10 Microfinance Startups in India

This table provides an overview of Bharat Financial Inclusion Limited, covering key aspects such as its history, services, and operational footprint.

5 Utkarsh Small Finance Bank:

Started as a microfinance institution, Utkarsh is now a small finance bank providing a range of financial services to micro and small enterprises.

AttributeDetails
Company NameUtkarsh Small Finance Bank Limited
Founded2009 (as Utkarsh Micro Finance), 2016 (converted to Small Finance Bank)
FounderGovind Singh
HeadquartersVaranasi, India
TypeSmall Finance Bank
Services OfferedMicrofinance, Retail Banking, Corporate Banking, Loans, Deposits, Insurance, Digital Banking
Target AudienceUnderserved and economically weaker sections, Micro and Small Enterprises
Key ProductsSavings Accounts, Current Accounts, Fixed Deposits, Recurring Deposits, Home Loans, Vehicle Loans, Micro Loans, SME Loans
Number of BranchesOver 600 branches (as of 2022)
Geographical PresencePan India, with a focus on rural and semi-urban areas
Conversion to Small Finance BankJanuary 2017
Parent CompanyUtkarsh CoreInvest Limited
Stock ListingNot listed
Websiteutkarsh.bank
Utkarsh small finance bank: Top 10 Microfinance Startups in India

This table provides an overview of Utkarsh Small Finance Bank, covering key details such as its history, services, and operational footprint.

6 Arohan Financial Services:

Arohan is another notable microfinance institution operating primarily in eastern India, focusing on rural and underserved areas.

AttributeDetails
Company NameArohan Financial Services Limited
Founded2006
FounderManoj Kumar Nambiar
HeadquartersKolkata, India
TypeMicrofinance Institution
Services OfferedMicroloans, MSME Loans, Insurance, Financial Literacy Programs
Target AudienceEconomically underserved sections, primarily in rural and semi-urban areas
Key ProductsIncome-generating Loans, Microenterprise Loans, Emergency Loans, Health Insurance
Number of BranchesOver 700 branches (as of 2022)
Geographical PresencePan India, with a strong presence in eastern, northeastern, and central India
Parent CompanyAavishkaar Group
Stock ListingNot listed
Websitearohan.in
Arohan small financial service: Top 10 Microfinance Startups in India

This table provides an overview of Arohan Financial Services, covering key details such as its history, services, and operational footprint.

7 Satya MicroCapital:

Satya MicroCapital provides micro-loans to micro and small enterprises, focusing on women entrepreneurs in rural and semi-urban areas.

AttributeDetails
Company NameSatya MicroCapital Limited
Founded2016
FounderVivek Tiwari
HeadquartersNew Delhi, India
TypeMicrofinance Institution
Services OfferedMicroloans, MSME Loans, Financial Literacy Programs
Target AudienceEconomically underserved sections, primarily in rural and semi-urban areas
Key ProductsGroup Loans, Individual Loans, Livelihood Loans, Microenterprise Loans
Number of BranchesOver 200 branches (as of 2022)
Geographical PresencePrimarily in northern, central, and eastern India
Unique Selling PropositionFocus on women entrepreneurs and Joint Liability Group (JLG) model
Parent CompanyN/A
Stock ListingNot listed
Websitesatyamicrocapital.com
Satya micro capital: Top 10 Microfinance Startups in India

This table provides an overview of Satya MicroCapital, covering key details such as its history, services, and operational footprint.

8 Svasti Microfinance:

Svasti focuses on providing financial services to low-income households, primarily in rural and semi-urban areas of India.

AttributeDetails
Company NameSvasti Microfinance Private Limited
Founded2008
FoundersBhaven Shah and Aditya Satti
HeadquartersMumbai, India
TypeMicrofinance Institution
Services OfferedMicroloans, SME Loans, Insurance, Financial Literacy Programs
Target AudienceEconomically underserved sections, primarily in urban and semi-urban areas
Key ProductsIncome-generating Loans, Business Loans, Livelihood Loans, Emergency Loans
Number of BranchesOver 60 branches (as of 2022)
Geographical PresencePrimarily in Maharashtra, Gujarat, Madhya Pradesh, and Uttar Pradesh
Unique Selling PropositionFocus on urban poor and women entrepreneurs
Parent CompanyN/A
Stock ListingNot listed
Websitesvasti.in
Svasti microfinance:Top 10 Microfinance Startups in India

This table provides an overview of Svasti Microfinance, covering key details such as its history, services, and operational footprint.

9 Suryoday Small Finance Bank:

Suryoday started as a microfinance institution and later became a small finance bank, offering a wide range of financial products to underserved segments.

AttributeDetails
Company NameSuryoday Small Finance Bank Limited
Founded2008 (as Suryoday Micro Finance), 2017 (converted to Small Finance Bank)
FoundersBaskar Babu Ramachandran and R. Baskar Babu
HeadquartersNavi Mumbai, India
TypeSmall Finance Bank
Services OfferedMicrofinance, Retail Banking, Corporate Banking, Loans, Deposits, Insurance, Digital Banking
Target AudienceUnderserved and economically weaker sections, Micro and Small Enterprises
Key ProductsSavings Accounts, Current Accounts, Fixed Deposits, Recurring Deposits, Home Loans, Vehicle Loans, Micro Loans, SME Loans
Number of BranchesOver 550 branches (as of 2022)
Geographical PresencePan India, with a focus on rural and semi-urban areas
Conversion to Small Finance BankJanuary 2017
Parent CompanyN/A
Stock ListingListed on NSE and BSE (SURYODAY)
Websitesuryodaybank.com
Suryoday small finance bank: Top 10 Microfinance Startups in India

This table provides an overview of Suryoday Small Finance Bank, covering key details such as its history, services, and operational footprint.

10 Spandana Sphoorty Financial Limited:

Spandana Sphoorty is a microfinance institution with a significant presence in South India, providing financial services to women in rural and semi-urban areas.

AttributeDetails
Company NameSpandana Sphoorty Financial Limited
Founded2003
FounderPadmaja Reddy
HeadquartersHyderabad, India
TypeMicrofinance Institution
Services OfferedMicroloans, SME Loans, Agricultural Loans, Insurance
Target AudienceEconomically underserved sections, primarily in rural and semi-urban areas
Key ProductsIncome-generating Loans, Business Loans, Livelihood Loans, Emergency Loans
Number of BranchesOver 1,000 branches (as of 2022)
Geographical PresencePan India, with a strong presence in southern India
Unique Selling PropositionFocus on women entrepreneurs and Joint Liability Group (JLG) model
Parent CompanyN/A
Stock ListingListed on NSE and BSE (SPANDANA)
Websitespandanasphoorty.com
Spandana spoorty financial limited: Top 10 Microfinance Startups in India

This table provides an overview of Spandana Sphoorty Financial Limited, covering key details such as its history, services, and operational footprint.

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