Ranchi, Jharkhand (November 17, 2023): India’s leading non-banking finance company, Light today launched its operations in Jharkhand. With impressive Assets Under Management (AUM) of Rs 2100 crore, the company aims to concentrate on 11 districts in Phase I, disbursing loans totalling Rs 150 crore in the inaugural year.
In a press statement, Deepak Amin, the founder and Managing Director of Light, highlighted the company’s strategic move into Jharkhand, stating, “The demand for small loans in Jharkhand is anticipated to remain robust in the upcoming years, fuelled by factors such as increasing rural incomes, rising aspirations and the growing need for financial services to support small enterprises, particularly those owned by women. Given the current trajectory of India’s growth, it is imperative to significantly elevate the percentage of women-owned enterprises which is currently around 40% in Jharkhand.”
He added that Light aims to be a catalyst for the growth of women’s entrepreneurship in deep rural pockets where access to finance is still a challenge. He emphasized that Jharkhand, with its vast opportunities, is a key focus for Light to enable entrepreneurial opportunities by providing financial support to the rural population, empowering them to realize their dreams. Notably, Jharkhand becomes the second state in Eastern India to be served by Light, following the recent launch of operations in Odisha.
Light specializes in providing financial support to women entrepreneurs without any collaterals. This unique approach is strategically designed to catalyse the growth of women-led businesses, thereby contributing significantly to the economic development of the region.
Rakesh Kumar, Light’s co-founder and CEO, said, “The finance sector in Jharkhand has witnessed rapid growth, driven by strong demand from rural households and microenterprises. The support by government initiatives such as the Pradhan Mantri Jan Dhan Yojana (PMJDY) and the National Rural Livelihood Mission (NRLM), as well as the increasing adoption of mobile banking and financial technologies, the sector is poised for sustained expansion.” Kumar added that Jharkhand currently boasts around 3.5 million microfinance borrowers, as per NABARD’s 2022 figures, out of the 18 million in Eastern India.
The founders outlined the company’s plans for Jharkhand, with Phase I involving the launch of 16 branches across 11 districts, extending financial services to underprivileged and deep rural areas. Light is committed to empowering local communities by providing much-needed financial support.
Looking ahead, Light has set an ambitious three-year plan to build a portfolio of 300 crores, underscoring the company’s enduring commitment to the economic prosperity of Jharkhand. The organization is confident that this expansion will not only enhance the financial well-being of individuals but also play a pivotal role in the overall development of the state.
Since its inception in 2009 in Ahmedabad, Gujarat, Light has rapidly become a key player in the Indian finance industry, amassing an impressive AUM of Rs 2100 crore and a customer base of over 4.5 lakh individuals. The company has a network of over 200 branches in Northern, Central and Western India, including the states of Gujarat, Rajasthan, Madhya Pradesh, Haryana, Himachal Pradesh, Uttarakhand, Uttar Pradesh and Odisha.
Light stands as a pioneer financial institution at the forefront of both financial and technological innovation. The company has revolutionized the lending industry with a paperless loan process, embracing cutting-edge technology for more efficient and eco-friendly financial services.
To enhance customer convenience, Light offers user-friendly mobile applications, providing easy access to various financial services. Moreover, making payments, including EMI payments, has been streamlined through multiple channels, such as UPI and payment wallets. Customers can make payments by simply scanning a QR code, reflecting Light’s commitment to providing accessible and customer-centric financial solutions. Light’s technological advancements exemplify its dedication to delivering innovative and seamlessly integrated financial services, ultimately ensuring a brighter financial future for all.
