CreditAccess Grameen Limited (CA Grameen) is an Indian microfinance institution, headquartered in Bengaluru, which serves customers predominantly in rural areas. ^{[3] [4] [5]} The company is engaged in providing microfinance services to women from low-income households who are enrolled as members and organized in Joint Liability Groups. ^{[6] [7]}

CreditAccess Grameen Limited is a listed company in National Stock Exchange and Bombay Stock Exchange. ^{[8] [9]}

History

CreditAccess Grameen (CA Grameen) was established in 1999 by Vinatha M. Reddy, who was inspired by the book “Give Us Credit” by Alex Counts, President & CEO of Grameen Foundation USA. Reddy, who was then running an NGO — "T Muniswammapa Trust", managed to obtain a US$35,000 grant from the Grameen Foundation to create a replica in India. As a result, Grameen Koota was born, and as the concept grew in popularity, the company was renamed Grameen Financial Services Private Limited in October 2007. Since then, the former owners have made way for new promoters, including CreditAccess India B.V., a Dutch-based Asia-focused microfinance major that has invested INR 968 crore in CA Grameen since 2009. Udaya Kumar Hebbar joined as CEO in 2010, and has acquired a larger role as MD and CEO since 2016. ^[10]

In August 2018, the company was listed on National Stock Exchange and Bombay Stock Exchange with INR 1,131 crore-IPO. ^[11]

In September 2019, Citigroup partnered with CA Grameen to finance 75,000 Women Entrepreneurs in India. ^[12]

CreditAccess Grameen acquired Madura Micro Finance at the deal of INR 876 crore in November 2019. ^[13]

CA Grameen also invested INR 150 crore through subordinated debt in Madura Micro Finance in December 2021. ^[14]

U.S. International Development Finance Corporation, the US Government's development finance institution signed a loan agreement of US$35 million with CA Grameen in November 2022. ^{[15] [16]}

In June 2023, CA Grameen signed a syndicated social loan facility of up to US$200 million, the first in the microfinance industry and the fourth in the country. ^[17]

Ganesh Narayanan was appointed as the chief executive officer with effect from August 1, 2023, while Udaya Kumar Hebbar continues to oversee the firm as managing director. ^[18]

CA India Foundation

CreditAccess India Foundation (CA India Foundation) is a Section 8 corporation that was established in 2021. It is a Non-government company that is registered with the Registrar of Companies in Bangalore. CreditAccess Grameen Limited owns 100% of CA India Foundation. The foundation works on areas of social development such as Education, Livelihood, Health, and Rural Public Institution Development. CA Grameen's CSR operations are carried out by the CA India Foundation. ^{[19] [10]}

References