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.
Attribute | Details |
---|---|
Company Name | Ujjivan Financial Services |
Founded | 2005 |
Founder | Samit Ghosh |
Headquarters | Bengaluru, India |
Type | Microfinance Institution (now Ujjivan Small Finance Bank) |
Services Offered | Microfinance, Small Finance Banking, Loans, Savings Accounts, Insurance |
Target Audience | Economically underserved sections, primarily in urban and semi-urban areas |
Key Products | Group Loans, Individual Loans, Housing Loans, Micro and Small Enterprise Loans |
Number of Branches | Over 550 branches (as of 2022) |
Geographical Presence | Pan India, covering 24 states and union territories |
Conversion to Small Finance Bank | January 2017 |
Parent Company | Ujjivan Small Finance Bank Limited |
Stock Listing | Listed on NSE and BSE (UJJIVAN for Financial Services and UJJIVANSFB for Small Finance Bank) |
Website | ujjivansfb.in |
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.
Attribute | Ujjivan Financial Services | Janalakshmi Financial Services |
---|---|---|
Company Name | Ujjivan Financial Services | Janalakshmi Financial Services |
Founded | 2005 | 2008 |
Founder | Samit Ghosh | Ramesh Ramanathan |
Headquarters | Bengaluru, India | Bengaluru, India |
Type | Microfinance Institution (now Ujjivan Small Finance Bank) | Microfinance Institution (now Jana Small Finance Bank) |
Services Offered | Microfinance, Small Finance Banking, Loans, Savings Accounts, Insurance | Microfinance, Small Finance Banking, Loans, Savings Accounts, Insurance |
Target Audience | Economically underserved sections, primarily in urban and semi-urban areas | Urban poor and underserved communities |
Key Products | Group Loans, Individual Loans, Housing Loans, Micro and Small Enterprise Loans | Group Loans, Individual Loans, Business Loans, Savings Products |
Number of Branches | Over 550 branches (as of 2022) | Over 500 branches (as of 2022) |
Geographical Presence | Pan India, covering 24 states and union territories | Pan India, with a focus on urban and semi-urban areas |
Conversion to Small Finance Bank | January 2017 | March 2018 |
Parent Company | Ujjivan Small Finance Bank Limited | Jana Small Finance Bank Limited |
Stock Listing | Listed on NSE and BSE (UJJIVAN for Financial Services and UJJIVANSFB for Small Finance Bank) | Not listed |
Website | ujjivansfb.in | janabank.com |
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.
Attribute | Details |
---|---|
Company Name | Equitas Small Finance Bank Limited |
Founded | 2007 (as Equitas Micro Finance), 2016 (converted to Small Finance Bank) |
Founder | P.N. Vasudevan |
Headquarters | Chennai, India |
Type | Small Finance Bank |
Services Offered | Microfinance, Retail Banking, Corporate Banking, Loans, Deposits, Insurance, Wealth Management |
Target Audience | Underserved and economically weaker sections, Micro and Small Enterprises |
Key Products | Savings Accounts, Current Accounts, Fixed Deposits, Recurring Deposits, Home Loans, Vehicle Loans, Micro Loans, SME Loans |
Number of Branches | Over 800 branches (as of 2022) |
Geographical Presence | Pan India, covering urban, semi-urban, and rural areas |
Conversion to Small Finance Bank | September 2016 |
Parent Company | Equitas Holdings Limited |
Stock Listing | Listed on NSE and BSE (EQUITASBNK) |
Website | equitasbank.com |
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.
Attribute | Details |
---|---|
Company Name | Bharat Financial Inclusion Limited (BFIL) |
Founded | 1997 (as SKS Microfinance) |
Founder | Vikram Akula |
Headquarters | Hyderabad, India |
Type | Microfinance Institution |
Services Offered | Microloans, Insurance, Savings Products, Financial Literacy Programs |
Target Audience | Rural and semi-urban poor, especially women |
Key Products | Income-generating Loans, Emergency Loans, Livelihood Loans, Health Insurance |
Number of Branches | Over 1,400 branches (as of 2022) |
Geographical Presence | Pan India, with a strong presence in rural and semi-urban areas |
Acquisition | Acquired by IndusInd Bank in 2019 |
Parent Company | IndusInd Bank Limited |
Stock Listing | Delisted post acquisition by IndusInd Bank |
Website | bfil.co.in (under IndusInd Bank’s microfinance section) |
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.
Attribute | Details |
---|---|
Company Name | Utkarsh Small Finance Bank Limited |
Founded | 2009 (as Utkarsh Micro Finance), 2016 (converted to Small Finance Bank) |
Founder | Govind Singh |
Headquarters | Varanasi, India |
Type | Small Finance Bank |
Services Offered | Microfinance, Retail Banking, Corporate Banking, Loans, Deposits, Insurance, Digital Banking |
Target Audience | Underserved and economically weaker sections, Micro and Small Enterprises |
Key Products | Savings Accounts, Current Accounts, Fixed Deposits, Recurring Deposits, Home Loans, Vehicle Loans, Micro Loans, SME Loans |
Number of Branches | Over 600 branches (as of 2022) |
Geographical Presence | Pan India, with a focus on rural and semi-urban areas |
Conversion to Small Finance Bank | January 2017 |
Parent Company | Utkarsh CoreInvest Limited |
Stock Listing | Not listed |
Website | utkarsh.bank |
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.
Attribute | Details |
---|---|
Company Name | Arohan Financial Services Limited |
Founded | 2006 |
Founder | Manoj Kumar Nambiar |
Headquarters | Kolkata, India |
Type | Microfinance Institution |
Services Offered | Microloans, MSME Loans, Insurance, Financial Literacy Programs |
Target Audience | Economically underserved sections, primarily in rural and semi-urban areas |
Key Products | Income-generating Loans, Microenterprise Loans, Emergency Loans, Health Insurance |
Number of Branches | Over 700 branches (as of 2022) |
Geographical Presence | Pan India, with a strong presence in eastern, northeastern, and central India |
Parent Company | Aavishkaar Group |
Stock Listing | Not listed |
Website | arohan.in |
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.
Attribute | Details |
---|---|
Company Name | Satya MicroCapital Limited |
Founded | 2016 |
Founder | Vivek Tiwari |
Headquarters | New Delhi, India |
Type | Microfinance Institution |
Services Offered | Microloans, MSME Loans, Financial Literacy Programs |
Target Audience | Economically underserved sections, primarily in rural and semi-urban areas |
Key Products | Group Loans, Individual Loans, Livelihood Loans, Microenterprise Loans |
Number of Branches | Over 200 branches (as of 2022) |
Geographical Presence | Primarily in northern, central, and eastern India |
Unique Selling Proposition | Focus on women entrepreneurs and Joint Liability Group (JLG) model |
Parent Company | N/A |
Stock Listing | Not listed |
Website | satyamicrocapital.com |
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.
Attribute | Details |
---|---|
Company Name | Svasti Microfinance Private Limited |
Founded | 2008 |
Founders | Bhaven Shah and Aditya Satti |
Headquarters | Mumbai, India |
Type | Microfinance Institution |
Services Offered | Microloans, SME Loans, Insurance, Financial Literacy Programs |
Target Audience | Economically underserved sections, primarily in urban and semi-urban areas |
Key Products | Income-generating Loans, Business Loans, Livelihood Loans, Emergency Loans |
Number of Branches | Over 60 branches (as of 2022) |
Geographical Presence | Primarily in Maharashtra, Gujarat, Madhya Pradesh, and Uttar Pradesh |
Unique Selling Proposition | Focus on urban poor and women entrepreneurs |
Parent Company | N/A |
Stock Listing | Not listed |
Website | svasti.in |
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.
Attribute | Details |
---|---|
Company Name | Suryoday Small Finance Bank Limited |
Founded | 2008 (as Suryoday Micro Finance), 2017 (converted to Small Finance Bank) |
Founders | Baskar Babu Ramachandran and R. Baskar Babu |
Headquarters | Navi Mumbai, India |
Type | Small Finance Bank |
Services Offered | Microfinance, Retail Banking, Corporate Banking, Loans, Deposits, Insurance, Digital Banking |
Target Audience | Underserved and economically weaker sections, Micro and Small Enterprises |
Key Products | Savings Accounts, Current Accounts, Fixed Deposits, Recurring Deposits, Home Loans, Vehicle Loans, Micro Loans, SME Loans |
Number of Branches | Over 550 branches (as of 2022) |
Geographical Presence | Pan India, with a focus on rural and semi-urban areas |
Conversion to Small Finance Bank | January 2017 |
Parent Company | N/A |
Stock Listing | Listed on NSE and BSE (SURYODAY) |
Website | suryodaybank.com |
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.
Attribute | Details |
---|---|
Company Name | Spandana Sphoorty Financial Limited |
Founded | 2003 |
Founder | Padmaja Reddy |
Headquarters | Hyderabad, India |
Type | Microfinance Institution |
Services Offered | Microloans, SME Loans, Agricultural Loans, Insurance |
Target Audience | Economically underserved sections, primarily in rural and semi-urban areas |
Key Products | Income-generating Loans, Business Loans, Livelihood Loans, Emergency Loans |
Number of Branches | Over 1,000 branches (as of 2022) |
Geographical Presence | Pan India, with a strong presence in southern India |
Unique Selling Proposition | Focus on women entrepreneurs and Joint Liability Group (JLG) model |
Parent Company | N/A |
Stock Listing | Listed on NSE and BSE (SPANDANA) |
Website | spandanasphoorty.com |
This table provides an overview of Spandana Sphoorty Financial Limited, covering key details such as its history, services, and operational footprint.