Fusion At A Glimpse
Fusion Microfinance is a start-up company founded by three dynamic promoters with a common vision to build a professionally managed Microfinance institution that can achieve a healthy amalgamation of social and financial sustainability. Their vision is to create
- A self sustainable microfinance business with at least a portfolio of INR 5 billion.
- A company which leverages the microfinance distribution network to channel other products & services.
Goal Statement- “Fusion microfinance with a social vision and business orientation aims to provide underprivileged women with economic opportunities to transform the quality of their lives.”
Fusion, a Brand
Fusion is the brand name of Fusion Microfinance Private Limited, NBFC registered with Reserve Bank of India. Fusion is head quartered in New Delhi and is operational in the less penetrated North Central part of India (Madhya Pradesh, Uttarakhand, Uttar Pradesh, and Delhi). The company started its Greenfield operations in January 2010 and further augmented it by acquiring the microfinance division Aajeevika (a not for profit body operating in Delhi).
Fusion have zeroed in on the rural and semi-urban areas of North Central India as their area of operations. The prime reason for venturing in North Central India is that the region has less than 5% penetration of microfinance market when compared to around 25% MFI penetration in the southern states.
Fusion Microfinance has attracted private equity funding of INR 95 Million (USD 2.1 Million) in 2 tranches from RIF II, a fund managed by Incofin Investment Management. Incofin IM is a specialist investor in rural microfinance and makes debt and equity investment in MFIs.
“As on 31st March 2012, Fusion had a base of 37,657 clients in 4 states across of 21 branches with a loan book of INR 374.72 Million. The company operates on the time-tested Grameen JLG model. Fusion though nearly two and half a year old, is considered as significant Microfinance player in Northern India. Fusion plans to reach 350,000 clients in next 5 years providing them whole bouquet of financial and non-financial services.”
The core strength of Fusion lies in its team of three promoters who come on board with complementary skill sets in Strategy, Finance, Risk & Collection, Supply Chain Management, Microfinance and Livelihood Sector.
RBI Fair Practise Code:
Pursuant to the Notification issued by the Reserve Bank of India by its Circular No.RBI/2006-07/138 DNBS (PD) CC No.80/03.10.042/2005-06 dated September 28, 2006, Ambience Fincap Pvt Ltd has drafted...
Client Grievance Handling:
Fusion’s policy on customer grievance redressal is based on the following principles:
All initiatives and strategies of Fusion will be customer focused.
MFIN Code of Conduct :
As all MFIN Member MFIs are regulated by the Reserve Bank of India (RBI), they are already required to follow all prudential norms as well as consumer protection practices laid down by the RBI...