U GRO:
HELPED ~ 8,300 Companies across 8 sectors
LENT ~1600 Crore till July 2021
AYE FINANCE: Lent to 70+ clusters of MSMEs across sectors like Manufacturing, Trading, Service, etc.
India being home to more than 63 million of Micro, Small and Medium Enterprises (MSMEs) and all of the MSMEs don’t have access to the banks. However, the development in technology has further helped the cause of micro-lending as the credit can now be sanctioned much quicker than before and FinTech’s growing importance all over the country has caused NBFCs to also grow in prominence. The emergence of FinTech has made it easier for Micro-enterprises to obtain a certain amount of money by the means of microlending. The NBFC-MFIs are helping the poverty-stricken people of India to uplift themselves from poverty and start something afresh or investing in their existing business to make it better especially after struggling for more than a year in those tough times. Global conglomerates are getting involved in micro-lending with Alphabet Inc., Facebook, etc. either investing or forming partnerships with companies that are involved in micro-lending in India. MFIs like U GRO, Indifi, Aye Finance, etc. are providing credits to individuals as well as Micro enterprises.
This story is from the October 2021 edition of Entrepreneur magazine.
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This story is from the October 2021 edition of Entrepreneur magazine.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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