Ananya Finance and Prayas Microfinance join hands to lower poverty levels and empower rural women entrepreneurs
Jul 08, 2022
New Delhi [India] July 8 (ANI/SRV): Impact lender, Ananya Finance for Inclusive Growth Pvt Ltd, one of the NBFCs of India is set to expand its span of operation by joining hands with Prayas Financial Services Pvt Ltd, a Micro Finance company. Ananya has announced acquiring a majority stake in its long-term microfinance partner Prayas Financial Services Pvt Ltd. Both the lenders are registered with RBI, Ananya as an NBFC, and Prayas as an NBFC-MFI.
Ananya initially picked up a ~6 per cent stake in Prayas and after receiving the requisite approvals from the regulator, has increased its stake to 55 per cent.
Prayas has been serving women micro-borrowers in rural and urban backward areas of Gujarat and Rajasthan and the tribal areas of Madhya Pradesh through its network of 30 branches and plans to expand to 150 branches.
"The new capital investment will help Prayas in diversifying to new geographies and scale up its operation. It will strengthen Prayas to serve more women entrepreneurs who form the bottom of the economic pyramid, especially in rural and semi-urban areas", said Bhadresh Rawal, the Promoter Director of Prayas Financial Services Pvt Ltd. He further stated that the equity investment by Ananya showed its commitment to supporting its long-standing small microfinance partners.
Ananya Finance for Inclusive Growth has been extending debt capital and capacity-building support to small and mid-sized MFIs. It is now helping its small MFI partners with tech upgrades and new product introductions through BC / Co-lending partnerships. It also extends loans and capacity-building support to smallholder farmer FPOs and start-ups in the renewable energy and sustainable landscapes sectors. Ananya was promoted by FWWB-I, (a not-for-profit promoted by SEWA), and is backed by foreign impact investors Gojo & Co, Japan, and C4D Partners, Netherlands.
"Our investment is in line with the company's mission of creating a deep social impact by providing finance to women micro borrowers. This acquisition gives impetus to the company's strategy to transition from wholesale to direct retail," said Gaurav Gupta, Managing Director of Ananya Finance.
Abhisek Khanna, a former Banker with 18 years of experience in Microfinance and Rural Banking, has been appointed jointly by Ananya and Prayas as the CEO of Prayas. His main focus will be to scale up its operations by leveraging technology for improving customer experience while reducing operational costs and reaching the target of serving 500,000 women micro & small entrepreneurs within the next 2-3 years.
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