Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Nearly 77.6 per cent of the borrowers in financial year 2020 were first-generation entrepreneurs, of which 14.5 per cent moved out of the informal sector to join mainstream businesses, according to a survey.
The pre-Covid-19 survey, conducted by non-banking finance company NeoGrowth Credit, also found that 51.4 per cent of the interviewees were first time borrowers.
“First-time borrowers now have more and more confidence, are seeking loans and building credit history. We also found that people who took loans have used it to grow the business, and as the businesses grew, they hired more staff,” Piyush Khaitan, Founder and Managing Director of NeoGrowth Credit told BusinessLine.
“Even small loans create jobs, which is important. Further, even micro businesses are adopting digital payment modes such as credit cards, UPI and QR code-based payment modes,” he added.
Nearly 84.1 per cent of the customers, who took part in the survey, registered an increase in revenue post availing a loan. The loans were mostly availed for working capital.
The company lends 27 different industry verticals, with grocery, chemists, apparel, café and restaurants, spa and saloons and petrol pumps topping the list. The average ticket-size of the loans ranged between ₹2 lakh and ₹50 lakh.
NeoGrowth conducted the study across a base of more than 17,000 customers for the fiscal ended March 31, 2020. The sample was collected across Mumbai, Pune, Delhi, Lucknow, Ahmedabad, Bengaluru and Hyderabad.
NBFC are becoming important in India as banks are generally hesitant to give loans to entrepreneurs who lack formal education.
The company, which had earlier raised funds from Omidyar Network, Aspada Investment Company, Khosla Impact, Accion Frontier Inclusion Fund (managed by Quona Capital), IIFL Seed Ventures Fund and Leapfrog Investments, has ₹1,340 crore of assets under management as of March 31, 2020.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
High valuation and stiff competition from larger players are a dampener
₹1503 • HDFC Bank S1S2R1R2COMMENT 1500148015101525 As the stock has broken out of resistance at ₹1,500, ...
The stock of Kajaria Ceramics Limited, after witnessing a fresh breakout, on Tuesday hit a fresh 52-week high ...
Will a stock continue its current trend or will it reverse? We tell you how you can read chart patterns to ...
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
Writer Narendra’s latest book, rich with vignettes from Bastar and his native village in Uttar Pradesh, ...
On the eve of his 86th birthday, a peek into an interview-based book that reveals the actor’s many moods, ...
Forget the tuna. The island nation will keep you full and happy with coconut, koftas and jasmine
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor