Annapurna Finance Pvt. Ltd (AFPL) was established in 2009 and is now among the top ten NBFC-MFIs in the country. It has its roots as a part of a non-profit entity, People’s Forum, an NGO dedicated to the development and welfare of unserved sections of society. Microfinance activities began with the inception of Mission Annapurna under People’s Forum in 2005. The initiative aimed to reach the interior unserved areas of Odisha, addressing the economic necessities of poor women through door-to-door visits.
As the program expanded, there was a need for transformation into a more streamlined entity. The gradual evolution led to the establishment of Annapurna Microfinance Pvt Ltd (AMPL) in 2009. Subsequently, AMPL registered itself with the Reserve Bank of India (RBI) as an NBFC-MFI in 2013. Its primary purpose is to serve economically backward clients by bringing them into the mainstream and providing need-based financial services at their doorstep. The focus is clear, to reach areas where formal financial institutions find it unprofitable to settle.
Annapurna Finance’s objectives extend beyond reaching and serving. They aim to provide financial and technical support to strengthen entrepreneurial skills for the effective undertaking of business activities. Over the years, the organization has continued to innovate in its products and delivery mechanisms to make the entire product life cycle of micro-credit as relevant as possible for its clients. The goal is to offer multiple need-based products that specifically cater to all customer life cycle needs of micro-credit.