Fusion Micro Finance Ltd, one of India’s major NBFC-MFIs, has announced a name change to Fusion Finance Limited, starting July 9, 2024. Fusion, founded in 2010, is a prominent player in India’s developing microfinance market, having an asset under management (AUM) of INR 11,476 crores as of March 31, 2024.
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Speaking on the change Devesh Sachdev, MD & CEO, Fusion Finance Limited said, “Fusion has been growing at a steady pace over the past years with a steadfast focus on providing financial services to unserved and underserved population. In this journey, we have continued to evolve along with our customers. Going forward, our aim is to provide a more diverse range of financial products to address their expanding needs. This diversification will also help us in strengthening our business resilience, ensuring a long-term sustainable growth. Importantly, at Fusion, we continue to stay committed to the microfinance business and will continue to maintain the minimum 75% criteria of “qualifying assets”. Our ethos and brand identity, that we have built over the years, also remain intact.”
The company has helped to promote financial inclusion by providing financial services to unserved and underserved female entrepreneurs in rural and peri-rural areas. In 2019, the company expanded into MSME loans in order to serve the industry’s’missing middle’ group. As of March 31, 2024, Fusion had successfully increased their AUM in the MSME category to INR 531 crores, with 97 specialised MSME branches across the country.
Fusion Finance operates in 453 districts in 22 states, including three Union Territories, with a total of 1,297 branches as of March 31, 2024.
