Ajaaya Development Foundation

Micro Support| Macro Development

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Ajaaya Development Foundation

Micro Support... Macro Development...

About Us

Vision

To be the preferred provider of unsecured loans to support small borrowers in India for their development

Mission

To provide customer centric lending solutions to the bottom of the pyramid customers, while maintaining high levels of employee engagement and corporate governance

Vision

To be the preferred provider of unsecured loans to support small borrowers in India for their development

Mission

To provide customer centric lending solutions to the bottom of the pyramid customers while maintaining high levels of employee engagement and corporate governance

Promoters

This start-up being launched by NBFC MFI professionals who has got more than 45 + years of cumulative experience in Banking & Finance.

Ajaaya logo
Ajaaya logo

About Us

This start-up being launched by NBFC MFI professionals who has got more than 45 + years of cumulative experience in Banking & Finance.

Read More

About Us

This start-up being launched by NBFC MFI professionals who has got more than 45 + years of cumulative experience in Banking & Finance.

Read More

About Us

This start-up being launched by NBFC MFI professionals who has got more than 45 + years of cumulative experience in Banking & Finance.

Read More
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Promoters and Board

This start-up being launched by NBFC MFI professionals who has got more than 45 + years of cumulative experience in Banking & Finance.

He is a retired banker having 10 years microfinance experience in leadership roles & 25 years of banking experience. Built and managed large MFI from scratch which currently have an AUM in excess of Rs.5,000 crores. Pioneered the first mobile technology in MFI space

He has 13+ years experience in Microfinance industry and had worked as Deputy COO in the second largest MFI in india. Expertise in managing operations, business expansion and people management

Both the directors had worked together for about 10 years in the same company and built it from day one.

20 years microfinance experience in leadership roles & 14 years of banking experience Built and managed large MFIs from scratch which currently have an AUM in excess of Rs.5,000 crores Pioneered the first mobile technology in MFI space International microfinance experience.

Has 23 years of experience in various field of social work on the welfare of children, women and family. This experiences helped her to have good network with NGOs and Social Institutions which helps in the field of MFI for helping Special need people.

He is a semi professional with 30 plus years work experience in Finance department in various fields like Printing Press, Advertising, Microfinance and Fund Syndication. Had been part of startup companies and done multitasking in Accounts, Finance, Secretarial and Administration works including Statutory Compliances.

He is a seasoned operations professional who has a thorough knowledge of South India Microfinance. He had handled sizeable portfolio in various MFIs and also an expert in manpower management

Why to start now

Opportune time to start now post COVID as economy rebounds. There is enough space to be exploited. Still huge market potential all over India which can be tapped. Government keen on supporting well governed, capitalized financial companies for achieving their financial inclusion targets While the full impact is not yet ascertainable, Covid-19 has dealt a significant blow to the finance sector

Our target clients will be below the pyramid, unbanked clients in rural and semi urban areas

Our Business Model

Disbursal in 3 days from the date of receipt of KYC along with loan application, friendly customer approach, no fore closure penalty, no delay collection penalty, eminent and effective software with mobile application to clients to manage the loan, digital collection wherever possible are some of the keys to manage competition and penetrate the market Our expected growth rate would be 20% year on year with no dividend pay-out for the first 3 years of operation.

 

Industry Partners

What Our Students Have to Say

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Kelvin Black
From Dallas, USA
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Zasha Swan
From Australia
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Frank Jones
From Japan
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Jack Brownn
From London, UK

Number Speaks

1

State

10

Branch

6448

Members

38.76Cr+

Loan Disbursed

10.32Cr+

Portfolio Outstanding

Mrs P. Selvi

Director

  • Her experience as School Counsellor at SBOA Matriculation Higher Secondary School for 9 Years
  • As Family Counsellor at YWCA Sahodari by Tamil Nadu Social welfare Board, Chennai for 3 years.
  • As Counsellor (CCC-TANSACS) at Meenakshi Mission Hospital, Madurai for 2 years.
  • As Scrutiny officer for Adoption-ICCW-TN, Chennai for 2 years.
  • And 7 years of experiences in Social Work field Equipped her with rich experiences in the area of welfare on Children, Women, Family and their health.
  • During her journey of work experiences, she did Guest Lectures, Presentation of Papers, Training for Trainers, Programme Organising added her to equip with the knowledge for empowerment of women.
  • Her 23 years of experiences on client center and the empowerment of women in the family as whole ( Physical & Psychological ) helps in the MFI Space.

Mr. R. Raghavender Anand

Director

He is an international expert having worked in an MFI (BAV) based out of Jakarta, Indonesia initially as COO looking after operations and later as a CEO.During his tenure, he has totally restructured the entire operations / profitability of the institution and enabled the institution record profit of IDR 50 billion which was quite phenomenal. During COVID 19 Crisis, he ensured that institution survived the impact and at the same time implemented the Digital Transformation Project.

At AMPL, he was instrumental in expanding operations to Northern India especially in the states of M.P, Chhattisgarh, Punjab, Haryana, Chandigarh, U.P, Bihar, Jharkhand, Rajasthan, Maharashtra, Odisha and Gujarat. This is in addition to consolidation of southern India Operations in TN, Karnataka and Kerala. Today AMPL has more than 5000 employees across the country with a portfolio of over INR 7000 Crores.

At Manappuram Finance Limited was able to acquire Asirvad Microfinance Limited by coordinating the Due Diligences through reputed organizations and helping in the management of Manappuram to conclude the deal in a short span of time of 4 months.

At SMILE Microfinance Limited he was able to increase the profitability of the MFI to INR 200 Lakhs in a short span of time of 6 months.

At Belstar Investment and Finance Private Limited, he had increased the number of branches from 40 to 57 in a span of 2 years, with a client base of over 240,000, staff strength of 450 and very good portfolio quality with PAR>30 days at 0.4%. Coordinated with Technical Assistance experts and implemented the TA package at Belstar.

At Asirvad Microfinance Private Limited – In the initial phase he had built from scratch this organization and as of June 2010 had 49 branches with 140,000 clients, with a staff of 327 and a very negligible PAR > 30 days of 0.2 %.

With the strong backing of banking experience at Mahasemam Trust he was able to increase the number of branches from 22 to 42 as well as increase the membership of clients to 150,000.

At SIDBI, he was handling the entire credit portfolio at Head office Lucknow pertaining to Microfinance and at Chennai for the entire state  of Tamil Nādu and Karnataka.

Key tasks and achievements 

Increasing the volume of business in Union Bank of India, HSBC and Barclays Bank.

Appraisal of over 100 cases for Credit lending at SIDBI which
includes both MFIs and Organizations in the SME sector.

Appraisal of over 100 cases for Credit lending at SIDBI which
includes both MFIs and Organizations in the SME sector.

Introduced Mobile technology for increasing the productivity of the staff at Asirvad.

Was able to successfully contribute to the transformation of Belstar Investment and Finance Private Limited, into a profit making NBFC from an NGO maintaining the social commitments of the NGO sector and at the same time maintaining the commercial aspects of a NBFC.

Trained professionals on the Micro credit industry as part of his interest in teaching institutes such as Loyola Institute of Business Administration (LIBA) etc.

Change Agent and Catalyst

On many occasions in his professional tenure, he was handpicked by the Leadership to play the vital role of a “Catalyst for Change”, to bring in new thoughts and practices. At SIDBI, he was also part of the special team that was hand -picked for the formation of SIDBI Foundation for Micro Credit when SIDBI started its own division for doing Micro Credit lending.

Mr. MP Tolerance Samuel

Promoter Director

Mr. Samuel had joined M/s Asirvad Microfinance Limited as a second employee and was also instrumental in starting the operations. We had built the company as a team right from application to RBI till 2018 when he quit managing 4000 cr portfolio. He was also involved in due diligence of various MFIs to buy out the portfolio under securitization as per RBI norms while in Asirvad and also instrumental in setting up the functioning of Odissa portfolio during initial stages.

Given the opportunity as second employee, the policies, process and compliances were also taken care by him / actively participated with providing solutions to issues. He was also instrumental in providing Business loans / SME loans to borrowers and was heading the department when he quit the company in 2018. He was also into Internal audit department in 2012 to 2015, wherein the entire Internal Audit policy and process were framed and staff recruited and trained in IA. Prior to this, the Internal Audit department was outsourced in Asirvad.

He then joined M/S Satin Credit Care in September 2018 and in 1 year of operations; he had expanded 100 new branches in South covering Tamil Nadu and Karnataka with 350 + cr portfolio.

Hence to summarise, given the designation as operations, he had involved him self and have hands on experience in all the activities of a company

  • Increased the volume of business in ASIRVAD MICROFINANCE LIMITED in existing branches and made it viable in the shortest time at ASIRVAD MICROFINANCE LIMITED
  • Also instrumental in Expanding ASIRVAD MICROFINANCE LIMITED portfolio into newer states such as Kerala, Gujarat and Odisha
  • Developed Process Standards for various operations of Micro credit lending
  • Worked as the Chief Coordinator during the visit of banks/ lenders for the purpose of due diligence process exercise performed by these banks
  • Acted as an active member in CSR activities of Asirvad Foundation
  • Increased the number of branches from 1 to 84 in a span of 3 years, and right now handling a client base of over 825,000, staff strength of 1000 and a portfolio quality with PAR>30 days at 0.2%
  • Collecting data for the feasibility to open a branch in a location and capable of staffing the branch
  • Managed the channel finance portfolio worth INR 1250 Crores with 8 lacs borrowers across Tamil Nadu, Kerala & Karnataka with less than 7% cost of operations
  • Sourced customers and handled business / SME loans in South and expanded the business to a sizable portfolio in a year
  • Also involved in Training and development and policy making whenever a risk was identified

Mr. Sankaran Gopinath

Promoter Director

Basically to manage any business, field/floor level experience will definitely contribute to a major extent in enterprise management. To this point of view both the promoters have wide experience in all the compartments like operations, personnel and administration, finance, client interactions and coordination with other departments as well.

At Junior Level in Indian Bank Service he joined in the HO in a Department called Credit Planning Cell in the year 1978. He was given the honour of Drafting Circulars of the Department right from Day one. He was the one who took notice of the huge chunk of claims that needs to be processed with DICGC. He went through the old records in a room and with the help of O&M Department wrote a big note on the modality of making the claims with DICGC to MD”s Secretariat. After going through the same, MD advised to take up the work on a war footing. Then, he formed a team and got trained. That way, he had travelled around 110 Branches of Indian Bank between 1979 and 1982 including branches like Simla and Mushobra Himachal State. As a team, he made claims worth 6.5 crores during this period and out of which 3.2 crores got settled. The Department got the name “Department for Credit Assistance to Weaker Sections”. All policies were designed from HO to branches on DRI Loans. His contribution was quite high.

Then he moved to Branch functioning from the year 1983 and took VRS in the years 2000. During this period he had worked in the Loans Department for more than FIVE years and aware of the entire credit regulations of the banking system thoroughly. He was one of the key persons always in helping the Managers of the Branch to reach their targets both in Advances and Deposits.

He then joined Professional Management Counsultants Pvt. Ltd., Chennai a back end process / service provider for banks like Citi Bank, ICICI and GE Countrywide. He was given the responsibility of handling entire process with designation as Senior Manager Operations.

He was holding the second position next to MD/CEO. For both Citi Bank and ICICI Bank, there Credit Card Process end to end was done by him. He was in charge of the whole process wherein he need to train the entire team in both Pre-Credit and Post-Credit as per the bank policies as he was responsible for issuance of Credit Cards.

In Countrywide, process of all Consumer Loans, Two Wheeler Loans, Four Wheeler Loans, Mortgage Loans, the entire thing was handled by himself. Subsequently, the Company name got changed to GE Money and they came out with a project called 4C. The entire process happened online in IBM Workflow. To say, from Data Entry, Soft Credit and Main Credit and Disbursement. The Entire Unit was working 365 days 24×7 with 125 systems. Apart from this, PDC Management of both ICICI and GE were handled by him. The Document Management also was taking care of.

In ICICI he had worked as per compliance with 5S and in GE with 6Sigma.

Joined M/s Asirvad Micro Finance in January, 2008 and was designated as Head Operations. But, as a start-up he was doing all and sundry in the sense that right from HR to ADMIN to Recruitment to legal to PF to ESI. With a 2.70 Crore paid up capital with two branches in Chennai, he had to govern 336 crore portfolio with about 62 branches in Tamil Nadu and 6 Branches in Kerala. Manappuram Finance invested and with majority shareholding, he was also considered as one of the FOUR key persons to be retained. He was given the responsibility of handling South India i.e TN, Kerala and Karnataka. in 15 months’ time was able to achieve, TN 135 Branches, Karnataka 121 Branches and Kerala 45 branches in order to achieve 1100 crores portfolio. Though given extension to serve, resigned from the service in June 2016 on personal reasons.

Since then he is associated with a company by name UNIQ SYNERGY Private Limited as Consultant/Advisor. They are handling Maintenance Free Batteries and inverters. Apart from this, they are also into Institutional selling of Home Appliances.