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Bangalore based Ujjivan raises $96 million from CX Partners, others

Tags: Ujjivan Financial Services, microfinance, NewQuest Asia, Bajaj Holdings, CX Partners, Elevar Equity

March 23, 2015 | COMMENTS ( 0 )

Bangalore based Ujjivan raises $96 million from CX Partners, others

Ujjivan Financial Services Pvt Ltd, a microfinance institution based out of Bangalore with gross managed assets of about 3,038 crore, has raised around Rs 600 crore from CX Partners, CDC, NewQuest Asia Investments and Bajaj Holdings.

The present investors of Ujjivan Financial Services are Caspian, Sequoia Capital, Lok Capital, Elevar Equity, WCP Holdings, International Finance Corporation (IFC), Women's World Banking Capital Partners, LP and FMO.

Ujjivan Financial Services Private Limited was founded in October 2005 by Samit Ghosh, who pioneered consumer banking in India with Ravindra Bahl and Jaitirth Rao at Citibank in 1985. He subsequently led the launch of retail banking for Standard Chartered in the Middle East and South Asia and for HDFC Bank in India. His last commercial assignment was Chief Executive India, of Bank Muscat. He has had international banking experience for over thirty years now. He is an alumnus of Jadavpur University and Wharton School.

Ujjivan operates primarily on a joint liability group lending model, as an adaptation of the famed Grameen model of microfinance. With a large network of 423 branches across the country in 21 states and 3 union territories, Ujjivan has the largest geographical footprint among MFIs.

The financial institution has impacted the lives of more than 2 million unbanked and under-banked customers in urban, semi-urban and rural areas, by addressing the financial needs for micro enterprise, home improvement, education & emergencies.

Ujjivan's operations are backed by its customer-centric focus on service and product innovation, technology enabled back-end operations, independent credit appraisal process and prudent business risk management practices.

The company claims that Ujjivan has achieved strong growth over the last nine years. Its achievements over the last 3-4 years have been attained amidst challenging market conditions, specifically the Andhra crisis. Ujjivan's success is attributable to strong management practices, innovative products and services, strong customer relationship, robust governance model and strong risk management process.
 

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