The company aims to establish itself as a finance bank that aids the needy.
February 2022: Prayatna microfinance, that offers monetary services to low-income families was established in 2017 and since then the organization has been working relentlessly to contribute to building an Aatmanirbhar Bharat (self-reliant India). The organization has adopted the Joint liability group (JLG) model of Microfinancing which is a lending model that enables a group of Women (usually 5-25) to take loans for income-generating activities by forming groups, wherein the group members guarantee each other’s loans.
Somya Srivastava, CEO, Pratayna Microfinance says, “We uplift the last leg of the country sometimes that they can come above the below poverty line sector and make a living for themselves.Whenever any person, institution, society or nation wants to progress and carve a niche for itself based on its capability, only then it gets recognition and respect, wealth and prosperity” In the initial five years, the organization started operations in Uttar Pradesh, Bihar, Chattisgarh, Jharkhand, Madhya Pradesh and Delhi. In FY 2021-2022, the company had assets under management of more than INR 100 crores. Prayatna stands on the following four values, namely-Ownership, teamwork, integrity and service excellence. Prayatna is unique as the processes are driven through technology, which significantly cuts down on cost and manual error and at the same time lessens the requirement of physical documents. The borrowers are the people belonging to the underdeveloped part of India, only women. Prayatna is learning and evaluating what helps people to move out of poverty faster.
Surprisingly, even during the pandemic of covid-19, the company didn’t have any bad debts and kept evolving. Till so far, Prayatna has had around 1 lakh happy customers and successful deals. With the ongoing success of the company, these numbers shall increase rapidly. Currently, the organization partners with Canara Bank, Punjab National Bank, Bank of Baroda, State bank of India, Mas financials, Muthoot financial services and many others. Prayatna also aims to train rural poor in simple skills and enable them to utilize the available resources and contribute to employment and income generation to areas. In the next five years, it plans to expand its operations in the South and West region to diversify its portfolio. Prayatna will expand operations in new territories strategically, with a focus on regions with limited availability of financial services. Prayatna is that genuinely necessary effort required to inspire that part of the general public, which is overflowing with thoughts, energy and potential yet is hampered by finances to understand and achieve dreams.
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