Samasta Microfinance Limited began operations in March 2008 with an aim to provide financial services to the financially weaker sections in the southern and western states of India. After the entry of India Infoline Finance Limited (IIFL) as its strategic investor at the end of financial year 2016-17, a great boost to the operations of the Company is expected in the years to come. IIFL holds 97.99% of the equity shareholding in the Company and Samasta is one of the IIFL group companies. Our early market survey among agricultural laborers, artisans, and industrial workers revealed the non-availability of formal financial institutions in these areas. Samasta focuses on bridging the gap between ambition and achievement of the working poor across India, by providing financial and non-financial services, in a sustainable long-term relationship and enable them to achieve a better quality of life. As a business correspondent, Samasta uses their market know how and accessibility to the rural and semi urban BOP families in India to bring microfinance services like micro loans, credit linked insurance, group based savings account etc to their doorstep. Samasta, as a Non-Banking Financial Company, believes that the way forward lies in microfinance which empowers individuals and enriches communities. By alleviating financial stress among the poor and offering an opportunity for income-generation, it helps improve the quality of life. The micro loans can be used to pay off outstanding debts borrowed from local money lenders at very high interest rates, start small businesses, pay educational expenses and for emergency health services, which are the primary requirements of the people we cater to. We are currently operating in Tamil Nadu, Karnataka, Maharashtra, Goa, Bihar, Chhattisgarh, Rajasthan, Kerala, West Bengal, Gujarat and Orissa. By end of 2018, we plan to reach 1 million people in India.
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