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Company : Grameen Koota 
Monday, July 27, 2015 3:00PM IST (9:30AM GMT)
 
Grameen Koota Reaches Milestone with 1 Million Microfinance Customers
Bangalore, Karnataka, India

Bangalore-based NBFC –MFI, Grameen Koota Financial Services Pvt Ltd (Grameen Koota) has reached a new milestone of 1 million microfinance customers, in a testimony to its strong client-centric approach aimed at providing holistic financial and social services.


Grameen Koota, with 3,000 employees working in 270 branches spread across Karnataka, Maharashtra, Tamil Nadu, Madhya Pradesh and Chhattisgarh, reached one million customers with a portfolio of Rs.1, 602 as of 30th June 2015. As part of its future mission, Grameen Koota has been striving to reach over 2 million poor and low income households through financial products and development services by 2020. 

Founded as an NGO project in 1999 by Vinatha M. Reddy to cater the need of micro-credit to the rural low-income households, the MFI was modeled after taking inspiration from the success story of Nobel Laureate Prof.Muhammad Yunus and his Grameen Bank. Suresh K Krishna as Co-Promoter and Director supported her in this initiative, which has grown largely after its transition into a non-banking financial corporation (NBFC) in 2007-08.

On reaching one-million customer base, Vinatha M Reddy, who is also Chairperson of Grameen Koota, said, “As a responsible MFI, Grameen Koota will continue its meaningful work with renewed commitment and reach out to thousands of other unbanked households in the coming years.”

Suresh K Krishna, Co-Promoter & Director of Grameen Koota, echoed similar views when he said, “The success of Grameen Koota is also a demonstration of the need and relevance of microfinance services to the poor and low income households. Grameen Koota will continue to be client centric organization and provide need based microfinance services in a transparent manner. I also thank and recognize the efforts of over 3,000 employees who have been working tirelessly, with the passion to see change in the community.”

Udaya Kumar, Managing Director and CEO of Grameen Koota, said: “We serve with our responsible lending principles along with social focus by providing financial literacy, micro-credit for all their needs, awareness on social, economic, education, health hygiene, water, sanitation etc. Customer Retention of over 90% validates our pro-poor business and social focus.”

Grameen Koota is backed by CreditAccess Asia & Creation Investments Capital Management, MFI focus investors, who have been aligned with vision and mission of the promoters.  Major Private and public sector Banks including Axis, ICICI, IDBI, SIDBI, State Bank of India, among others are the lending partners. Further, Grameen Koota has been supported by international lenders such as Standard Chartered Bank, Blue Orchard, responsAbility, Triodos Investments and others.

Congratulating Grameen Koota on reaching its milestone of one-million customers, Paolo Brichetti, Founder & CEO, CreditAccess Asia, said, “Grameen Koota is a key part of our integrated Group of credit institutions and we are very proud of this excellent result. We have supported the company since 2009 and it has been exciting to support the Management Team of Grameen Koota in this path to impressive growth. Continuing to keep focus on clients’ interests, will ensure that Grameen Koota will reach new milestones.”

Ken Vander Weele, Co-Founder and Partner of Creation Investments, said, “We are very pleased to be a shareholder in Grameen Koota. The Company has been uniquely able to manage rapid growth without ever compromising on the quality of service to its clients or the principles of client protection and care.”

About Grameen Koota Financial Services Pvt Ltd

Grameen Koota is one of the 5 financial institutions in the world and one of the 3 microfinance institutions (MFI) in India to have been honored by Smart Campaign for having met all the client protection principles. It is also one of the few MFIs be awarded with Truelift Certification of ‘Achiever’s level’ by M-CRIL and Social Rating of  Σα-(alpha- minus) for its commitment on social performance and pro-poor business.

Grameen Koota has been working with Joint Liability Groups formed exclusively of women belonging to poor and low income households by providing them with its diverse credit products catering all life-cycle needs such as income generation and access to water, sanitation, education, health care, home repairs, emergency, energy efficient cook stove etc. It gives its clients the option to repay weekly, fortnightly or monthly, depending on their cash flow and convenience.

More information: www.gfspl.in

Photo Caption: Grameen Koota reaches milestone with 1 million microfinance customers, a testimony of its strong client-centric approach. Photo Credit: Vikash Kumar

 
For News Release background on Grameen Koota click here
 
Media Contact Details
Udaya Kumar, MD & CEO, Grameen Koota Financial Services Pvt Ltd, +91-9901100889, udayakumar@gfspl.in
 
 
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Grameen Koota reaches milestone with 1 million microfinance customers, a testimony of its strong client-centric approach. Photo Credit: Vikash Kumar