The Business Bytes
TBB BUREAU
BHUBANESWAR, OCT 27, 2023
Marking a significant step in its mission to empower rural low-income households across the country, Ahmedabad-based non-banking finance company Light has launched its operations in Odisha; and committed to disburse loans to the tune of Rs 1000 crore in next few years.
Light is committed to establishing a robust presence in Odisha, with the launch of 25 branches in 10 districts of the State in the first phase. The company’s ambitious goal is to extend its reach to over 1 lakh households at the earliest, ensuring financial inclusion for the people many of whom have remained underserved.
“Our fundamental mission is to act as a catalyst for rural aspirations. We have set an ambitious target to serve over 1 lakh households at the earliest. Our mission is to bridge the financial gap for unserved and underserved individuals in remote rural areas, providing them with the financial products and services necessary to nurture their entrepreneurial pursuits,” said Light Co-founder and CEO Rakesh Kumar while interacting with media here on Friday.
The company will provide loans to over 2.5 lakh people in Odisha in next 2-3 years, he added.
Sharing the company’s strategic plans, CFO Aviral Saini said, “We are dedicated to nurturing a substantial portfolio of Rs 1000 crore in Odisha alone. This commitment further underscores our resolve to empower and enhance the financial well-being of the rural entrepreneurs we serve.”
Since its inception in 2009, Light has rapidly emerged as a key player in the Indian finance industry, amassing an impressive Assets Under Management (AUM) of Rs 2100 crore. With a customer base exceeding 4.5 lakh individuals and a network of over 200 branches in Northern and Western India, the company has established a robust presence in multiple states.
