Anushree Jindal has launched her maiden business venture - Svamaan Financial Services, a microfinance company.
Jindal’s microfinance foray is aimed at promoting financial inclusion for rural women and micro-enterprises. It is expected to offer financial products to the un-banked and under-banked sections of population.
The Reserve Bank of India (RBI) recently cleared Svamaan’s application to commence lending operations as an RBI registered Non-Banking Financial Company (NBFC)-Micro Finance Institution (MFI). Initially, Svamaan will focus on financial inclusion for women and micro-enterprises across Karnataka and Maharashtra with plans to enter the eastern markets of Orissa and Chhattisgarh by 2020.
Svamaan aims to reach and positively impact the lives of over one lakh customers by 2021. Svamaan plans to recruit nearly 100 employees by March 2019 and more than double the number of employees to 250 by 2020. The company aims to empower its first 1,000 rural women customers by March 2019.
The company is focused on being a mobility led digital player from inception with the launch of Svamaan App catering to all processes across the lending value chain including loan origination, loan management and collections. Svamaan App – A mobility led solution to enable cashless disbursements and paperless lending for its target customers was rolled out as part of the launch in line with the vision to foster a truly digital India.
Svamaan’s initial approach will be to financially empower rural women across 16 locations including Nanded, Palghar, Thane as well as Latur in Maharashtra along with Bellary and adjoining districts in Karnataka. Svamaan targets to establish its presence across 50 locations across Maharashtra, Karnataka and eastern markets of Orissa and Chhattisgarh over the next one year.
Anushree Jindal, Founder - Svamaan Financial Services said, “India’s microfinance sector has grown exponentially over the last few years. However, there is still significant scope for driving better penetration and inclusion by offering a wider array of products to our target customers. Through Svamaan, we hope to serve the communities and micro-enterprises in our targeted locations by providing them easy access to organised micro-credit. We hope this initiative will help drive a significant impact for our end customers and micro-enterprises.”
Kiran Kumar, Chief Executive Officer (CEO), Svamaan Financial Services, added, “As India continues to be the fastest growing economy in the world, we believe there is still a significant demand supply gap in the availability of credit and associated financial services across India. Retail credit penetration continues to be low at under ~15 per cent of GDP for India compared to more than ~40 per cent of Gross Domestic Product (GDP) for China. Svamaan is our endeavour to be a part of this growth story by enabling and empowering our customers through greater financial inclusion. We are focused on being a Data driven digital lending player from inception, gearing up to cater to the evolving needs of our customers in a digital India”