Annapurna Finance
Annapurna Finance is an Indian NBFC-MFI headquartered in Bhubaneswar providing microfinance, MSME, housing, and green financing to rural women, micro-enterprises, and marginalized communities across 20 states through a branch-based field distribution model and A-Pay digital app.
- Company typePrivate
- Founded2009
- HeadquartersBhubaneswar, India
- Headcount5,001–10,000
- GTM typeB2C
- OfferingServices
What Annapurna Finance does
Annapurna Finance Pvt. Ltd. is a Bhubaneswar-headquartered, RBI-registered NBFC-MFI (Non-Banking Financial Company - Microfinance Institution) that provides credit and financial services to economically weaker sections across 20 Indian states. The company originated as a microfinance initiative of the People's Forum NGO in Odisha in 2005, was formally established in 2009, and operates a portfolio spanning 12+ products including group loans for women Self-Help Groups (Rs 10,000-130,000 at 19.90-24.49% interest), MSME business loans (Rs 1-50 lakh at 15-25%), housing loans, EV 3-wheeler green financing with telematics, dairy loans, JIT emergency loans, Samarth loans for marginalized communities, and PMSVANidhi loans for street vendors. Its business model is fundamentally interest-income based on monthly installment lending, supplemented by processing fees (1.5-5% + GST depending on product) and pass-through insurance premiums.
The company distributes through a hybrid model combining an extensive field-based branch network with door-to-door staff visits and SHG/JLG community meetings, supplemented by the A-Pay mobile super app for digital self-serve and Just-In-Time emergency loans. Technology infrastructure includes the A-Pay financial super app (Android and iOS), telematics-enabled EV financing for responsible driving monitoring, and an Environmental & Social Management System aligned with Universal Standards for social performance tracking. Co-lending and debt financing partnerships span 10+ public sector banks, multiple DFIs, and impact investors. Annapurna is ranked among the top 10 NBFC-MFIs in India, reports AUM exceeding USD 1.25 billion (March 2024), employs 10,000+ people, and is capitalized by institutional investors including Piramal Alternatives, Proparco, DEG, Nuveen, Accion, Oikocredit, ADB, and SIDBI.
Annapurna Finance firmographics
Firmographics- Name
- Annapurna Finance
- Legal name
- Annapurna Finance Pvt. Ltd.
- Website
- https://annapurnafinance.in
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Annapurna Finance is an Indian NBFC-MFI headquartered in Bhubaneswar providing microfinance, MSME, housing, and green financing to rural women, micro-enterprises, and marginalized communities across 20 states through a branch-based field distribution model and A-Pay digital app.
- Ownership category
- akta.pro rank
Annapurna Finance industry classification
Industry- Product category
- Microfinance
- NAICS
- Depository Credit Intermediation (5221), Finance and Insurance (52)
- SIC
- Miscellaneous Business Credit Institution (6159), Loan Brokers (6163)
- akta.pro primary industry
- SBA/Government-Backed & Development Finance Loans (FSAKAGAI)
- akta.pro secondary industries
- Microloans & Working Capital Loans (FSAKAGAA), Merchant Cash Advance & Revenue-Based Financing Enablement (FSAGALAH), Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)
Keywords
Where Annapurna Finance is headquartered
LocationHeadquarters
- HQ city
- Bhubaneswar
- HQ country
- India
- HQ region
- Asia
Offices1 record
Markets served
Annapurna Finance business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain
Revenue model
- Microfinance Interest Income: Core revenue from interest income on microfinance loans extended to women borrowers in rural and semi-urban areas. The company earns interest on group loans, individual business loans, and other microcredit products, with rates ranging from 19.90% to 24.49% for group loans. Interest is collected through monthly installments over loan tenures of 12-48 months.
- MSME Business Loans: Interest income from secured and unsecured MSME business loans ranging from ₹1,00,000 to ₹50,00,000, supporting micro, small, and medium enterprises with working capital and business expansion financing.
- Housing Loans: Interest income from both secured and unsecured housing loans (₹1,00,000 to ₹25,00,000) for home construction, purchase, renovation, and balance transfers, targeting individuals with formal and informal income sources.
- Green / EV Loans: Interest income from green financing products including EV 3-wheeler loans (₹1,00,000 to ₹4,00,000) and rooftop solar loans, supporting environmental sustainability objectives.
- Fee-based Income: Processing fees charged on loan products: 1.5% + GST on group loans, 5% + GST on EV loans, 2.5% + GST on housing loans, and 3% + GST on MSME business loans. Insurance premiums are collected as pass-through with no additional commission charges.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Group Loan - Rural women microfinance borrowers |
| Unit Pricing | Monthly | EV 3-Wheeler Loan - Green financing product |
| Subscription | Monthly | Just In Time (JIT) Loan - Emergency pre-approved loans for existing customers |
| Unit Pricing | Monthly | Dairy Development Loan - Livestock farmers |
| Subscription | Monthly | Housing Loan - Secured and unsecured home financing |
| Subscription | Monthly | MSME Business Loan - Micro, small, and medium enterprises |
| Unit Pricing | Monthly | Samarth Loan - Marginalized segments including persons with disabilities, transgender people, single mothers, widows |
| Unit Pricing | Monthly | PM SVANidhi Loan - Street vendors |
| Subscription | Monthly | Individual Business Loan - Women entrepreneurs |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels7 records
Annapurna Finance product offering
Product offeringCore offering
Annapurna Finance is an Indian NBFC-Microfinance Institution that extends microfinance, MSME, housing, dairy, EV 3-wheeler, consumer durable, and individual business loans to rural women, micro-entrepreneurs, small businesses, and underserved households across 20 Indian states, supported by SHG-based group lending and a digital payment application (A-Pay). The company manages an asset base exceeding $1.25 billion and is registered with the Reserve Bank of India.
Product overview
Annapurna Finance is an Indian NBFC-MFI (Non-Banking Financial Company - Microfinance Institution) offering a comprehensive portfolio of financial products and services targeting economically weaker sections, rural women, microentrepreneurs, and MSMEs. The company's offerings span core microfinance group loans, green financing products (EV loans, rooftop solar), emergency loans (JIT), sector-specific loans (dairy, housing), MSME business loans, inclusive finance products (Samarth, PMSVANidhi), and a digital super app (A-Pay). The company operates across 20 Indian states using a group lending model where women mutually guarantee each other's loans, while also offering individual business loans for higher amounts. The product ecosystem is designed to address the complete lifecycle needs of micro-credit customers from rural and semi-urban areas.
Differentiator
Problem solved
Functional benefit
Brands
- A-Pay: A financial super app offering digital payment and financial services.
Products and services
- Group Loan Group microcredit product extended to rural women borrowers organized into Self-Help Groups, with joint liability and frequent (typically weekly/bi-weekly) repayments, used for income-generating activities.
- MSME Business Loan Credit facility for micro, small, and medium enterprises in rural and semi-urban India for working capital, inventory, and business expansion.
- Individual Business Loan Individual-liability credit product for micro-entrepreneurs requiring business financing outside the group lending model.
- Housing Loan Affordable housing finance product for lower-income households to construct or purchase homes.
- Home Improvement Loan Credit product for households to fund renovation, repair, and improvement of existing homes.
- EV 3-Wheeler Loan Financing product for drivers and small fleet owners to acquire electric three-wheelers for passenger or goods transport.
- Dairy Loan Credit facility for smallholder dairy farmers to finance cattle purchase, feed, and dairy operations.
- JIT (Just-in-Time) Loan Short-tenor, just-in-time working capital product for dairy farmers to manage immediate operational cash flow.
- Samarth Loan Livelihood-focused credit product supporting income-generating activities of micro-borrowers and their households.
- PMSVANidhi Loan Working capital loan product for urban street vendors, channeled under the government's PMSVANidhi scheme to provide affordable credit to informal-sector vendors.
- Consumer Durable Loan Credit product that finances household purchases of consumer durables such as appliances and other goods.
- A-Pay Digital payment and collection mobile application used by Annapurna Finance's customers and field officers for loan repayments, disbursements, and related transactions.
Quantifiable outcome
- AUM of USD 1.25 billion+ as of March 2024, operating across 20 Indian states
- +3 more outcomes
Companies that use Annapurna Finance
Customer profileNamed customers1 record
Segments6 records
Ideal customer profiles6 records
Annapurna Finance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Annapurna Finance partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Euler MotorscoreEuler Motors partnered with Annapurna Finance to expand financing options for electric commercial vehicles across India. The partnership targets small businesses, fleet operators, and rural users with limited access to formal credit, offering customized loans for both three-wheelers (EV-L3) and four-wheelers (EV-L5). Annapurna is part of Euler Motors' network of over 15 financing partners.
Scale indicators11 records
Recent moves6 records
Expansion highlights6 records
Annapurna Finance competitors and assessment
Company assessmentDirect peers
- CreditAccess Grameen: One of India's largest NBFC-MFIs focused on rural women lending via the group/JLG model. Directly comparable to Annapurna in customer segment, product mix, and RBI regulatory framework; publicly listed with significantly larger AUM scale.
- Bandhan Bank: Originated as a microfinance institution before converting to a universal bank. Comparable to Annapurna in its microfinance heritage, East Indian geographic presence, and group-lending customer base, though now operating at vastly larger scale across full banking services.
- Spandana Sphoorty Financial: Indian NBFC-MFI focused on low-income women borrowers through group lending. Closely comparable to Annapurna in operating model, customer segment, and product suite; publicly listed with AUM in similar range.
- Satin Creditcare Network: Indian NBFC-MFI providing microfinance and MSME loans to underserved women and micro-entrepreneurs. Directly comparable to Annapurna in business model, geographic concentration in northern/central India, and product breadth across group and individual lending.
- Muthoot Microfin: Indian NBFC-MFI backed by the Muthoot Group, offering microfinance loans to women in rural India via JLG model. Closely comparable to Annapurna in customer segment, geographic focus on underbanked markets, and capital structure.
- Fusion Microfinance: Indian NBFC-MFI providing microcredit to women entrepreneurs in rural and semi-urban areas. Comparable to Annapurna in size, geographic reach across multiple Indian states, and SHG/JLG lending model.
- Ujjivan Small Finance Bank: Converted from NBFC-MFI to small finance bank; serves similar low-income customer base through microfinance, MSME, and housing loans. Comparable to Annapurna in customer segment and financial inclusion mission; differs in being a deposit-taking regulated bank with broader product scope.
- Asirvad Microfinance: Indian NBFC-MFI (subsidiary of Manappuram Finance) serving micro-entrepreneurs via group lending model. Comparable to Annapurna in customer base, NBFC-MFI regulatory status, and southern/central India geographic focus.
Regional players
- ASA International: Global microfinance holding company operating across South and Southeast Asia (Bangladesh, India, Pakistan, etc.). Comparable to Annapurna in microfinance operating model and group-lending methodology, but geographically distinct with limited overlap in Indian markets.
Broad incumbents
- State Bank of India (SBI): India's largest public sector bank with extensive rural branch network and microfinance lending operations. Comparable to Annapurna as a co-lending and BC partner; competes broadly in the rural lending space but is not specialized in microfinance.
Market position
Strengths5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Annapurna Finance social profiles
Digital presenceAnnapurna Finance compliance and trust
Trust signalCompliance3 records
Annapurna Finance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Annapurna Finance leadership team
Management profileNumber of profiles
Annapurna Finance subsidiaries and ownership
Company hierarchySubsidiaries2 records
Annapurna Finance funding detail
Funding detailFunding overview
Funding rounds16 records
Investors19 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Annapurna Finance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Annapurna Finance
What does Annapurna Finance do?
Annapurna Finance is an Indian NBFC-Microfinance Institution that extends microfinance, MSME, housing, dairy, EV 3-wheeler, consumer durable, and individual business loans to rural women, micro-entrepreneurs, small businesses, and underserved households across 20 Indian states, supported by SHG-based group lending and a digital payment application (A-Pay). The company manages an asset base exceeding $1.25 billion and is registered with the Reserve Bank of India.
Is Annapurna Finance a public or private company?
Annapurna Finance is a private company. It is classified as venture growth investor backed and is currently operating.
When was Annapurna Finance founded?
Annapurna Finance was founded in 2009. It employs 5,001 to 10,000 people.
Where is Annapurna Finance based?
Annapurna Finance is headquartered in Bhubaneswar, India, in the Asia region.
How does Annapurna Finance make money?
Five revenue lines are on record. Microfinance Interest Income is the primary driver. The others are MSME Business Loans, housing Loans, green / EV Loans and fee-based Income.
Who are Annapurna Finance's main competitors?
Direct peers on record are CreditAccess Grameen, Bandhan Bank, Spandana Sphoorty Financial, Satin Creditcare Network, Muthoot Microfin, Fusion Microfinance, Ujjivan Small Finance Bank and Asirvad Microfinance. ASA International is listed as a regional player. State Bank of India (SBI) is listed as a broad incumbent.
Does Annapurna Finance have an API?
No public API is recorded for Annapurna Finance.
What industry is Annapurna Finance in?
Annapurna Finance's product category is Microfinance. Its primary akta.pro industry code is FSAKAGAI, SBA/Government-Backed & Development Finance Loans, with a secondary code of FSAKAGAA, Microloans & Working Capital Loans. Its NAICS code is 5221 and its SIC code is 6159.