Annapurna MicroFinance Pvt Ltd

Vision-Establishment of a self -sustainable and economically empowered rural, tribal & sub-urban society.

2010

For-profit

Finance

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Details


Region of operation

Odisha, Chattisgarh

Headquarters address

1215/1401, Khandagiri Bari, Opposite Jayadev Vatika, Khandagiri, Bhubaneswar Country: India Zip: 751030

Target problem

Its main focus is on the growth of the microfinance portfolio and support those clients who have successfully leveraged the microfinance services and setup micro enterprises in rural and semi urban regions and to facilitate credit plus services such as enterprise development, business planning, finance management and product design and forward and backward linkages

Key product / Service

Term loans

Team size

51-100

Number of beneficiaries

400000

Awards and recognition

  • Annapurna Won award for Working Group for Disability Inclusive Microfinance at the 5th NCPEDP- Mphasis Universal Design AWARDS 2014 under Category C:Companies and Organizations.

Funding and Operating Model


Funding round

Higher than Series B

Total funding raised

$ 9700000

Investors

NameRoundAmount RaisedType of FundingAnnounced OnWeb URL
BIOSeries B2014/03/01
Incofin Investment ManagementSeries B2014/03/01
SIDBI500,000
SIDBI Venture Capital Ltd.Higher than Series B4,200,0002015/04/08

Business details

Annapurna Microfinance follows the credit methodology of Self Help Group lending wherein the loans are disbursed to the members of the group after inter-se-agreement by all the members within the group. The members in a group are selected so as to be in same age group and residing in the same locality being friends but not from the same family. In case of the problems in recovery from even one of the members, the system of joint liability ensures recovery of the dues from all the members within the group. Apart from the loan disbursement and recovery schedule, the members are invited to attend workshops and training programs, which acts as a platform for all the members to come together and share their experiences. The exposure visits enable members to learn about the various activities undertaken by their counterparts in other villages thereby increasing the number of income generation options and levels of confidence among the members.

Partners and key clients

AMPL aims to provide financial services to those clients that are: 1. Identified as Below Poverty Line. 2.Special category of individual i.e. Widow, transgender and person with disability etc. 3.Schedule castes, schedule tribes and to other minority classes 4.Require micro loan for health and sanitation purpose for the betterment of their social life.

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