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varam.in

Stage

Acquired | Acquired

About Varam Capital

Varam Capital is a Micro Finance Institution("MFI") with a mission to catalyze economic empowerment of households that operate at and around the base of the pyramid and thus user in a brighter future for these households.

Varam Capital Headquarter Location

II Floor North Wing,No.1,, Rashmi Towers Valluvar Kottam High Rd

Chennai, 600034,

India

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Latest Varam Capital News

Dvara KGFS acquires Varam Capital - The Hindu BusinessLine

May 3, 2019

Dvara KGFS acquires Varam Capital April 09, 2019 Products offered Dvara KGFS, which operates in the non-banking financial company (NBFC) space, offers a range of financial products such as micro finance, rural savings, insurance, and bank account opening in rural areas. It has a presence in 33 districts with 221 branches spread across Tamil Nadu, Uttarakhand, Karnataka, and Odisha with a customer base of 8.50-lakh customers. “This acquisition will give us fire power and capability to take us to the next level of growth,” said Samir Shah, Executive Vice-Chair and Group President, Dvara Trust. Through this acquisition, Dvara KGFS will consolidate its presence in Tamil Nadu and also enter the Chhattisgarh market. Varam Capital, which has built data science architecture such analytics and credit score for customers, currently operates from 28 branches in 12 districts in Tamil Nadu and Chattisgarh, and has a customer base of about 1.28-lakh customers. “We are opening in Jharkhand shortly, and our presence in Odisha and Varam’s presence in Chhattisgarh, will help us consolidate our presence in the eastern region,” said Shah. He also said the number of branches will increase from the present consolidated strength of 248 to 325 branches by March 2020, while the asset under management (AUM) from combined operations will increase from the current level ₹750 crore to ₹1,200 crore during the period. Post-consolidation, the number of employees will see an increase from the current strength of 1,400 to 1,900 by March 2020. “In FY18-19 we had a revenue growth of 29 per cent over the previous year, and we are expecting a revenue growth of 37 per cent in FY19-20,” said Shah . “Our priority is to build expertise to develop multi-product offering, focus on micro enterprise loan, affordable housing segments, and relook the entire jewel loan portfolio,” said Joby, CEO, Varam Capital. On future investment plans, Shah said the company is in talks with multiple investors to raise about ₹100 crore to give a runaway for the next 2-3-year period. Noting that the liquidity situation for MFIs is easing in the domestic market, Shah said the company will also explore options to tap rupee-denominated offshore lending in the future. You have reached your weekly free article limit. To get full access, please subscribe. Portfolio will be a paid section hereon. Please Subscribe to get access to one of our early bird packs.Or click on Free Trial to get 14 days free trial. What You'll Get All Access Plan Get Full Digital Access To The Hindu BusinessLine, The Hindu, Frontline, Sportstar, Crossword+, Epaper replica of The Hindu and The Hindu BusinessLine in ONE SINGLE DISCOUNTED PRICE! Exclusive Portfolio Web + Mobile Ad free experience Personalised dashboard Customize your preference and get a personalized recommendation of stories based on your interest.

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