Tag: Asirvad Microfinance Ltd

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Asirvad Microfinance Ltd appoints Mr. B N Raveendra Babu as Managing Director

Jul 28, 2021 by Rekha Nair 0 Comments #Asirvad Microfinance Ltd, #Mr. B N Raveendra Babu

Chennai: Asirvad Microfinance Ltd. has announced the appointment of Mr. B N Raveendra Babu as the Managing Director of the company. The Chennai-based NBFC-MFI is a subsidiary of Manappuram Finance Limited (MAFIL) and is the 4th largest MFI in India.

Mr. Raveendra Babu succeeds Mr. Raja Vaidyanathan, the founder and Managing Director, who relinquished his position on 30 June. The company was founded in 2007 by Mr. S.V. Raja Vaidyanathan, and it was acquired by Manappuram Finance Limited in 2015.

Mr. B N Raveendra Babu is a promoter director of Manappuram Finance Limited where he served as an Executive Director prior to this appointment. He has over 28 years of experience in the NBFC domain in India along with 13 years of experience in the finance area in the Middle East.

Speaking to the media on his appointment, Mr. B N Raveendra Babu said, “I am quite excited to take over as Managing Director of Asirvad Micro Finance, which has an AUM of Rs.6000 Crores. We look forward to investing in innovation and to open new business segments while fostering a high-performance culture across the company.”

He highlighted technology upgradation as a priority for the company as new-age financing is entirely driven by technology. The company is moving to Oracle Cloud and digitalising the entire process through a Loan Management System (LMS) developed in-house. Further, customers are to be brought to the digital platform by providing them a Customer Service Application which provides them full information about their loans and gives access to different modes of digital payments. The overarching aim, he said, is to align Asirvad’s business to the vision of “Small loans, big dreams.”

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Asirvad Microfinance Ltd. Raises US$ 15 Million Loan from WorldBusiness Capital

May 25, 2021 by Rekha Nair 0 Comments #Asirvad Microfinance Ltd, #CFO, #MD of Asirvad Microfinance Ltd, #Mr. Raja Vaidyanathan, #Mr. Yogesh Udhoji, #Rob Monyak, #WBC’s Executive Vice President and Chief Lending Officer for Eurasia/Africa

Chennai: 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, CFO, Asirvad Microfinance Ltd 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.