Suryoday Micro Finance Pvt Ltd

2008

For-profit

Finance

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Founders


Details


Region of operation

Gujrat, Karnataka, Mahrashtra, Odisha, Rajasthan, Tamil Nadu, Madhya Pradesh

Headquarters address

1101 Sharda Terraces Plot 65 Sector 11 CBD Belapur Navi Mumbai Country: India Zip: 400614

Target problem

Suryoday Micro Finance Pvt Ltd is focused on micro finance and training poor women in our geographical area of Operations for enhancing their income levels and enable them build assets to improve their quality of living on a long term basis.Our team believes that the benefits accruing to our customers will percolate faster to other poor segments in a faster manner.

Key product / Service

Micro-Finance Loans

Team size

10-50

Number of beneficiaries

540000

Awards and recognition

  • MFTransparency Seal of Pricing Transparency

Funding and Operating Model


Funding round

Series A

Total funding raised

$ 6270000

Investors

Business details

Operating Model: 1) Each branch in Suryoday is headed by a Branch Manager (BM) who supervises 5 Relationship Officers (ROs). 2) An RO assists in group formation by holding a meeting with potential customers to introduce them to Suryoday’s products and policies, as well as features of the JLG model of microfinance. 3) Once the group is formed, 3 days Continuous Group Training (CGT) is conducted. 4) Group recognition test (GRT) is conducted by the BM after completion of CGT. 5) After a successful GRT, the loan documents of the approved clients are sent to the Credit Department. Future Plans: To be a world-class financial services organisation that provides products and value-added services to the economically challenged, helping them generate higher incomes, build an asset base and achieve a sustainably better standard of living.To cater to one million households by the year 2016.

Partners and key clients

Kotak, Dhanlaxmi Bank, Indian Overseas Bank, HDFC Bank, Axis Bank, IDBI Bank, SIDBI, Oiko Credit, State Bank of india, Bellweather Microfinance Fund

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