Chennai: Kanakadurga Finance Limited, an asset backed Non-Banking Financial Company (NBFC) based out of Vijayawada in Andhra Pradesh has inaugurated its 100th branch in Tamil Nadu. It is the company’s 10th in Tamil Nadu.
The branch was inaugurated at Madurai by the auspicious hands of Mr. S. Lakshmi Narayana, Chairman & Managing Director, Kanakadurga Finance Limited in the presence of members from the Board of Directors and senior officials of the company.
Speaking on the occasion, Mr. S. Lakshmi Narayana said, “This 100th branch is an incredible milestone for us, and in line with Kanakadurga’s endeavour to play a major role in creating financial inclusion for those left traditionally undeserved by banks and financial institutions. Tamil Nadu has always been and continues to be a very important market for us. We stay committed to our business philosophy of enabling access to finance to our target customers. With our continued commitment towards going that extra mile for our customers in catering to their finance requirements, we aim to ensure that their experience with Kanakadurga is the best.”
Incorporated in 1994, Kanakadurga Finance Limited’s Assets Under Management (AUM) stood at INR 380-cr as on August 31, 2018 with 40,000 plus active clients. For the year 2017 – 2018, the total vehicle disbursement was INR 243.10-cr. 100% of the company’s portfolio is secured.
Presently the company’s branches are spread across 5 states – Andhra Pradesh, Telengana, Karnataka, Gujarat and Tamil Nadu.
In Tamil Nadu, Kanakadurga Finance has branches in Chennai (3), Coimbatore (1), Hosur (1), Madurai (2…including the one inaugurated today), Vellore (1), Sivakasi (1) and Krishnagiri (1). The company has plans to opens branches in Trichy, Karur, Dindigul, Ariyalur, Salem, Theni, Tuticorin, Virudhunagar, Sivaganga, Ramanathapuram, Tirunelveli and Nagercoil.
Kanakadurga Finance’s existing product portfolio includes used commercial vehicle loans, two-wheeler loans, three-wheeler loans and gold loans. The company doesn’t give loans for consumption but for earning livelihood.
“To this day Kanakadurga Finance is driven by the entrepreneurial spirit of our Founder, which has enabled us to constantly push new boundaries and expand our offerings portfolio. Our strategy of establishing and developing core financing areas that address the changing needs of our customers has enabled us to foster a culture of innovation and excellence. We are geared up to cater to the needs of our customers, who are entrepreneurs themselves and are a very critical cog in the economic development of our nation. As we move into our silver jubilee year, we look forward to more milestones in the years to come,” adds Mr. S. Srimannarayana, Executive Director, Kanakadurga Finance Limited.
In the fourth quarter of 2016 – 2017, BanyanTree Growth Capital II, a Mauritius-based PE that seeks to invest in SMEs across sectors in India, had pumped first round of external equity into Kanakadurga Finance.