Our goal is to provide digital financial inclusion to microentrepreneurs.

Belstar Microfinance Limited (Belstar) is a Non-Banking Finance Company (NBFC) and a subsidiary of Muthoot Finance Limited. Our Board, Key Managerial Personnel, Senior Management and Promoters have a diversified track record and significant expertise and experience in the financial services industry and have been instrumental in developing and implementing our business strategy. we have successfully transitioned into a profitable and high-potential Microfinance Institution (MFI) with low credit risk.

Our business model is unique because it strives for a double bottom line, targeting both financial performance as well as social transformation. Alongside Hand in Hand India, Belstar aims to alleviate poverty and enhance community development. Our relationship with Muthoot Finance Group provides us with brand recall and marketing and operational benefits, which is beneficial for the growth of our operations and expansion of our customer base and geographical reach across India.

In addition, our association with the Muthoot Finance Group has helped provide access to finance in case of any financial stress by us to raise liquidity as a result of external market situation

History & Origins

Here’s a visual walkthrough of the growth, experiences and transformation that have taken place over the last decade and more.

  1. 1988

    Our journey began in January 1988 in Bangalore as an NBFC.

  2. 2001

    We were registered with the RBI in March 2001. The company today is a Non-Deposit taking systemically important NBFC-MFI.

  3. 2008

    In September 2008, Belstar was acquired by Dr. Kalpanaa Sankar, her family and some colleagues to provide scalable microfinance services to entrepreneurs.

  4. 2009

    In April 2009, lending operations were commenced by their SHG program and in April, micro-lending operations were set up in Tamil Nadu and Karnataka.

  5. 2010

    Equity investment was made into the company in 2010-2011 by foreign investors.

  6. 2012

    Post-acquisition till 2012, Belstar mainly relied on taking over the existing groups formed by Hand in Hand India (HIH).

  7. 2013

    Belstar now follows both the SHG as well as the PRAGATI model of lending. In 2013, the company became a non-deposit taking systemically important NBFC-MFI, and was reclassified by RBI in December.

  8. 2014

    We began the JLG lending operation 2014 in parts of northern India. Our staff strength was recorded at over 1000.

  9. 2016

    Muthoot Finance Limited made a strategic Equity Investment of Rs. 40 crores in the company in July 2016 and also acquired all stakes from foreign investors. We won the best MFI award in the medium size category from Access NCDs listed on the Bombay Stock Exchange.

  10. 2017

    During demonetization times, we ensured the NPA levels were lower in the company due to strong client connections in 2017. Onboarded Maj Invest, a leading Danish asset management company that provides services in asset management and private equity. Belstar is proud to be one of seven global companies that Maj Invest has invested in. We also crossed Rs. 500 cr in the loan book and became a systemically important MFI.

  11. 2018

    We renamed JLG as Pragati Loans under the aegis of Chennai Super Kings (CSK) and adopted Ind AS with effect from April 2018.

  12. 2019

    In 2019, the company class was changed to public followed by name change to Belstar Microfinance Ltd. AUM crossed Rs. 2500 cr.

  13. 2020

    Shows great resilience from Covid-19 as AUM is at circa Rs. 3300 crores, as it gets covered in 19 States and UTs.

Vision

To pursue a “double bottom line” business strategy to achieve both economic and social empowerment.

Goal

To digital financial inclusion to women

Key Milestones: Achievements in Eleven Years

2009

Acquisition of the company by Dr Kalpanaa Sankar to provide affordable credit to the economically weak.

2010

We commenced lending operations to SHGs

2011

Equity investments were made by foreign investors - IFC, NMI, SwedFund, Avaishkar

2012

We were reclassified as NBFC-MFI by RBI

2013

We began JLG lending operations in northern parts of India.

Team strength crosses 1000

2014

Operations expand to Chhattisgarh, Odisha & Kerala.

2015

We won the best MFI award in the Medium Size category from Access NCDs listed on Bombay Stock Exchange.

2016

Strategic investment by Muthoot Finance Ltd India as leading Gold House. Our strong client relationships ensured NPA levels were lower during demonetisation times.

We crossed Rs. 500 crores in the loan books and became a systemically important MFI.

2017

Completed Series C Equity Raise. On-boarded one more PE fund as equity investor Muthoot increased their stake to 67%. Achieved another milestone when we crossed Rs. 1000 crores in the loan book.

2018

Renamed JLG as Pragati Loans under the aegis of Chennai Super Kings (CSK). Adopted Ind AS with effect from April 2018.

2019

Company class was changed to Public Limited followed by a name change to Belstar Microfinance Ltd. AUM crossed Rs. 2500 crores.

2020

Shows great resilience from Covid-19 as AUM is at circa Rs. 3300 crores, as it gets covered in 19 States and UTs.

Our People

Here you’ll meet a group committed to creating a financially inclusive world, with a pioneering legacy in microfinance for the socially disadvantaged.

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Partners

We’ve partnered with some giants in the financial industry, many are well-known like-minded organisations that have added value to our business and helped us help others.

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Awards & Recognitions

Belstar has been awarded many prestigious certifications and recognitions for its sustainable and inclusive economic growth.

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  info@belstar.in
  +91-44-43414567