Author: Asirvad

Asirvad Microfinance Ltd., India’s 4th largest NBFC MFI and a subsidiary of Manappuram Finance Ltd., has announced the closing of a US$ 15 million (Rs.111.15 crore), 7-year commercial loan from WorldBusiness Capital, Inc. based in Hartford, Connecticut (USA).

WBC’s loan is supported by the United States International Development Finance Corporation (DFC), the U.S. Government’s developing finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. Proceeds from the loan availed under India’s ECB norms will enable Asirvad to expand its business of providing small loans to low-income women business owners in rural areas to start and expand their income-generating business. The WBC loan will be Asirvad’s 3rd long-term facility denominated in foreign currency from an international financial institution.

In a statement released to the media, Mr. Raja Vaidyanathan, MD of Asirvad Microfinance Ltd. said, “This transaction with an international institution coming at this challenging juncture certainly gives a boost to the microfinance sector and reiterates the resilience Asirvad has always shown, and the speed at which it bounces back.”

Mr Yogesh Udhoji, Asirvad’s CFO said, “With this funding, we look forward to helping rural women with economic opportunities to transform the quality of their lives.”

Rob Monyak, WBC’s Executive Vice President and Chief Lending Officer for Eurasia/Africa Lending, said, “We are excited to have the opportunity to support this dynamic financial institution that has constructed a viable business model to meet the needs of woman-owned enterprises operating in rural areas.  Asirvad plays a vital role in providing this underbanked segment of the market with access to the financing they need to establish and grow their businesses.

Manappuram Finance subsidiary raises $15 million loan from WorldBusiness Capital-Business Journal

Asirvad Micro Finance Limited, a subsidiary company of Manappuram Finance Limited, has achieved a significant milestone of Rs 5,000 crore in assets under management (AUM).

In a statement released to the media, Mr Raja Vaidyanathan, Managing Director, said that Asirvad has taken the route of multi-state business operations to achieve this milestone. The company is rated AA-/Stable by CRISIL, the highest credit rating in the MFI sector.

Mr V. P. Nandakumar, Chairman of Asirvad, said, “Asirvad has continuously improved its risk management practices by increased automation and digitisation, in line with our objective to offer our services to clients at a competitive rate.”

Asirvad caters to over 21 lakh women members through its 1,037 branches network spread across 314 districts in 23 States. It has a well-diversified portfolio, with AUM of exceeding INR 200 crore  and more than 1 lakh members in 10 states. It has recently upgraded its entire operations through the e-onboarding process of clients at their doorstep. According to Mr Vaidyanathan, after the upgradation, Asirvad aims to reduce the turn-around time to less than five days for its loan offering services. Further, the entire loan documentation process of the company is now digitised.

Asirvad Micro Finance was acquired by Manappuram Finance Limited in February 2015. At the time, the company’s AUM was around Rs.300 crore.

The Hindu Business Line
August 27, 2019

Asirvad Micro Finance Limited, a subsidiary of Manappuram Finance Limited, has achieved a significant milestone with its AUM (assets under management) in the state Tamil Nadu alone crossing Rs.1,000 crore. This was accomplished by disbursing micro-finance loans to over 450,000 women members. Asirvad Micro Finance commenced operations in Tamil Nadu in 2008 and completed a decade of operations last year.

In a statement released to the media, Mr. V.P. Nandakumar, Chairman, said that the microfinance company’s foundation was laid in Tamil Nadu and today it has achieved an AUM of Rs.4,444 crore by rapidly expanding its business operations across 20 States and 3 Union Territories. Mr. Raja Vaidyanathan, Managing Director, stated that Asirvad Micro Finance achieved another milestone in August 2019 when it opened its 1,000^th branch in Bihariganj in the state of Bihar.

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