Purple Finance aims to empower micro-entrepreneurs in Tier III and Tier IV cities

Purple Finance, a digitally enabled NBFC, aims to empower micro-entrepreneurs in tier III and tier IV cities by providing them with seamless access to growth capital. Despite the rapid growth of the Indian economy and large capital inflows, MSME businesses in tier III and tier IV cities still struggle to obtain growth capital from organized financial institutions.

A team of industry veterans led by Amitabh Chaturvedi, Founder and Executive Chairman of Purple Finance, identified these pain points and believed that Purple Finance could positively impact the lives of micro and small business owners residing in tier III and tier IV towns, with the mission to enable MSMEs to access growth capital and have a positive impact on their lives.

"This is a significant challenge, as MSMEs are the backbone of the Indian economy and play a vital role in job creation and inclusive growth. Although the government has introduced various schemes to facilitate MSMEs' access to capital, the penetration still remains low," said Chaturvedi. The segment is marred by many challenges, with customers facing issues ranging from lack of history, language barrier, and lack of resources or knowledge, he added.

Mumbai-headquartered Purple Finance has built a robust tech platform with a vernacular language interface that enables seamless and paperless onboarding of customers in minutes and an in-principal loan sanction in less than 5 hours, urbanizing the customer journey. By giving a go/no-go decision in under 5 hours, the NBFC firm has addressed an important customer pain point of long waiting periods.

Micro enterprises in India have huge growth potential. By leveraging our team's rich industry experience and using cutting-edge technology, we aim to provide micro-entrepreneurs access to the much-needed capital and become a partner in their growth journey," said Sabyasachi Rath, Co-Founder and CEO,Purple Finance, adding that Purple has laid the blueprint for becoming a small finance bank over the next few years and to become an enabler in India's inclusive growth story and a champion for micro-entrepreneurs in India.

Within a year since its inception, Purple Finance is now spread across the states of Maharashtra, Gujarat, and MadhyaPradesh. It has 15 branches and 100 people on the ground helping customers meet their credit needs.

Shares of Canopy Finance Ltd was last trading in BSE at Rs. 61.50 as compared to the previous close of Rs. 60.30. The total number of shares traded during the day was 4830 in over 10 trades.

The stock hit an intraday high of Rs. 61.50 and intraday low of 61.39. The net turnover during the day was Rs. 296944.00.

Source : Equity Bulls

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CanopyFinance INE095R01016 PurpleFinance