CreditAccess Grameen Limited
| NBFC | |
| Traded as | |
| ISIN | 🆔INE741K01010 |
| Industry | Finance |
| Founded 📆 | 1999 |
| Founder 👔 | |
| Headquarters 🏙️ | Bengaluru, India |
Area served 🗺️ | India |
Key people | Udaya Kumar Hebbar |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
CreditAccess Grameen Limited is a non-banking finance company (NBFC), licensed by the Reserve Bank of India. It was founded in 1999 by Mrs. Vinatha M Reddy and is headquartered in Bengaluru.[1] It offers a wide range of affordable financial and developmental services to low-income households. The loans provided are built on a deep understanding of the pulse of rural economy based on credit limit concept wherein multiple products are offered throughout various stages of their life cycle. The institution has a network of 1,424 branches and 37.85 lakh customers spread across 265 districts in 14 states and 1 union territory, at the end of June 30, 2021.
History[edit]
In 1999, the institution started as a Trust under the project name “Grameen Koota” by Mrs. Vinatha Reddy, inspired by the book “Give Us Credit” written by Alex Counts.[2] The Grameen Trust, Bangladesh provided seed capital funding of $35,000 for replicating the Grameen Bank Bangladesh microfinance model. [3] Mrs. Reddy nurtured the institution by inculcating strong fundamentals and transitioned it to an NBFC in 2007-08. The efforts yielded rich results in form of attracting key investors helping reach millions of customers and making the institution a valuable market brand.[4] In January 2018, pursuant to a resolution passed by the shareholders of the company, the institution was renamed to “CreditAccess Grameen Limited”. In August 2018, the company’s share got listed on National Stock Exchange and Bombay Stock Exchange.[5] The institution acquired Madura Microfinance at the end of financial year 2020 to become the largest NBFC- MFI in the country.[6] [7] The Company continues to operate under the brand name “GrameenKoota” which means “village group”.
Promoter[edit]
CreditAccess Grameen Limited is promoted by CreditAccess India NV, formerly known as Credit Access Asia NV (“CreditAccess” or “CAI”), a multinational corporation headquartered in Amsterdam, Netherlands. It is the parent company of CreditAccess Grameen Limited, India.[8] CreditAccess India NV is backed by prominent institutional investors like Olympus Capital Asia (US PE firm, focusing on mid-cap Asian companies) and Asian Development Bank.[9]
References[edit]
- ↑ "A profile of Vinatha Reddy: Inspired by "Give us Credit"". Women’s World Banking. Retrieved 29 December 2014.
- ↑ struggles, freedom (2013-09-10). "Interview with Vinatha Reddy – Founder of Grameen Koota". YouTube. Retrieved 2013-09-10.
- ↑ "CreditAccess Grameen Limited IPO". InvestorZone.
- ↑ "MICROCAPITAL BRIEF: Grameen Koota of India Receives $9.8m in Equity from Incofin, MicroVentures, Aavishkaar Goodwell, Creation Investments; $4m in Debt Funding from Deutsche Bank Microfund". MicroCapital. Retrieved 14 March 2013.
- ↑ "CreditAccess Grameen Ends Flat on Stock Market Debut". BloombergQuint. Retrieved 23 August 2018.
- ↑ "CreditAccess Grameen to Acquire Madura Microfinance". The Economic Times. Retrieved 29 November 2019.
- ↑ "CreditAccess Grameen gets into expansion mode". The Economic Times. Retrieved 6 September 2021.
- ↑ "CreditAccess Grameen Limited IPO". InvestorZone.
- ↑ "CreditAccess lines up funds for microfin cos, plans to get listed". DNA. Retrieved 23 March 2017.
References[edit]
This article "CreditAccess Grameen Limited" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:CreditAccess Grameen Limited. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
- Organisations based in Bengaluru
- Financial services companies established in 1999
- Indian companies established in 1999
- Community development financial institutions
- Microfinance companies of India
- 1999 establishments in Karnataka
- Companies listed on the National Stock Exchange of India
- Companies listed on the Bombay Stock Exchange
