The Inspirational Growth of Pragati – Pragati Finserv Pvt Ltd
The Inspirationals Growth of Pragati
Problem
- The business plan was to reach 400,000 households by 2024.
- Pragati’s Mission was to establish itself as a national player by building a branch network in at least 10 states by 2026.
- Pragati needed to build its processes, workflows, data systems and business intelligence systems to achieve scalability
- The Financial industry faced severe stress during the covid period and there was a lot of uncertainty on the asset quality.
Solution
- Acquired SMILE with 1.23 Lakh active customers and 250 Cr of AUM and 700+ employees.
- Expanded our branch network across states of Karnataka, UP, Bihar and Jharkhand.
- Technology & systems need to be designed for quick TAT & flexible workflows.
- The credit and risk controls are important to maintain a good portfolio quality.
Outcomes
- All the employees are now aligned towards the “Pragati Way of Doing Business”.
- This helped them reach more customer across different geographies within a short period of time.
- Aryabhatta 2.0 is their internally developed app for collections & Dhruva is their internally developed web application.
- Excellent Portfolio Quality with just 0.63% of DPD 90+ Portfolio.
SKOCH Award Nominee
Category: Financial Services
Sub-Category: NBFC & MFI – Best Growth Story
Project: The Inspirational Growth of Pragati
Start Date: 4-12-2022
Organisation: Pragati Finserv Pvt Ltd
Respondent: Jagadish Ramadugu
https://pragatifin.com/
Level: BFSI – 1
See Presentation
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For more information, please contact:
Jagadish Ramadugu at jagadish.ramadugu@pragatifin.com
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