Sugmya Finance Private Limited, SME Business of the Year Award Winner 2023
Business Name: Sugmya Finance Private Limited
Founder’s Name: VIKAS SINGH
Location: DELHI, India
Establishment (Year): 2017
Category: Finance - Insurance & Legal - Accounting
Social Media: LinkedIn
Sugmya Finance is a new-age, tech-enabled, non-deposit-taking Cat-B lending NBFC, founded by professionals, Vikas Singh & Brajmohan Singh. The company started its operations in January 2019 with its HQ in Delhi and is currently operating with 140 branches across 9 states including Bihar, Delhi, Jharkhand, Rajasthan, Haryana, Madhya Pradesh, Uttarakhand, Uttar Pradesh & Himachal Pradesh. They specialize in providing three main financial services: MSME Loans, Micro Loans, and Consumer Durable Loans. Despite the liquidity crisis and the ongoing pandemic, the company has managed to scale rapidly and has added forty-two lending partners. They maintain a balanced focus on both top-line and bottom-line growth, resulting in profitable operations since their inception. Sugmya Finance prioritizes the safety of its customers and has implemented Cashless Collections and Disbursement. Their impressive track record of 99.5% recovery/collection and zero Non-Performing Assets (NPAs) reflect their commitment to responsible lending practices.
Unique Selling Proposition / Competitive Advantage:
As a company, they have been committed to utilizing a fully digital process since their inception, making them perhaps the only one of their kind in T3/Semi-urban locations. While the industry average for digital collection is 40%, they have achieved a 100% digital collection rate.
Consequently, they are the market leader in terms of technology and digital payment processes, particularly in small cities and T3/semi-urban locations.
𝐀𝐜𝐡𝐢𝐞𝐯𝐞𝐦𝐞𝐧𝐭𝐬 𝐚𝐧𝐝 𝐦𝐢𝐥𝐞𝐬𝐭𝐨𝐧𝐞𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐨𝐦𝐩𝐚𝐧𝐲
Sugmya Finance Private Limited was incorporated in 2017 and got the necessary NBFC license in 2019. With Delhi as headquarters, they started their operations in 2019 with short-term personal loans. Their first Branch office became operational in Amlaha, MP, in July 2020. Only within two and half years, Sugmya has successfully opened 140 branches in 9 states of India. Sugmya has achieved 302 CR AUM within two and a half years of operation.