Creating a significant milestone, Asirvad Microfinance Limited, microfinance subsidiary company of Manappuram Finance Limited has reached Rs 3,000 crore micro-finance Assets under Management (AUM).
“Asirvad has been achieving an incremental Rs. 100 crore AUM for past five months consistently and poised to reach Rs. 3500 crore AUM by end of financial year. He further said that Manappuram Finance is infusing Rs. 150 crore into the company to aid further expansion of portfolio,” said Raja Vaidyanathan, Managing Director, Asirvad Microfinance Limited.
Rating agencies CRISIL and CARE have rated Asirvad as A+ for a positive outlook and A+ rating by CARE.
Asirvad has more than 1.6 million women members through 930 branch network across 22 States pan India.
It opened around 80 new branches were opened during the financial year. More than 4,300 plus staffs are working under the brand as the field officers and another 400+ working in administrative locations.
Its significant portfolio expansion is contributed from the eastern region with West Bengal crossing Rs 350 crore, Bihar Rs 250 crore and Orissa Rs 100 crore microfinance portfolio.
As an NBFC-MFI, Asirvad provides microfinance loans to various income generating activities and its interest rates are lower among larger MFIs.
It raised funds through bank term loans, listed NCD and completed many securitisation deals with banks. Asirvad has 63 Banks/ FIs relationships with outstanding liabilities of over Rs. 2600 crores.