Annapurna Finance

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.

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

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

• Microfinance lending
• MSME loans
• Rural finance
• Microcredit services
• Financial inclusion

Headquarters

HQ city

Bhubaneswar

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. 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.
2. 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.
3. 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.
4. 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.
5. 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

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core 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

Named customers1 record

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Euler MotorscoreStrategic or Co-development Partner · 30 April 2026Euler 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

Direct 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

• Xtwitter.com/annapurnafinance863
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• Facebookfacebook.com/profile.php?id=61575738432378
• LinkedInlinkedin.com/company/annapurnafin
• Instagraminstagram.com/afpl.in/?igsh=eGtjeDdndTcxNTRr

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds16 records

Investors19 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Annapurna Finance