Evolution and Growth
Phase I - Setting the Foundation
- Mitrata program was launched under At-Grassroots Society on 01st Dec, 2009.
- On January 2010, At-Grassroots launched its first branch in Rehmat Nagar, Moradabad.
- The Andhra Pradesh Microfinance Crisis in October 2010 changed the environment of microfinance sector but At-Grassroots continued to tread with caution and grew steadily.
- By March 2011, At-Grassroots reached 1 Crore disbursal mark.
- By March 2013, At-Grassroot’s loan portfolio reached 2 Crore with over 3000 active clients and its presence in two districts of UP.
Phase II - Growth and Expansion
- By March 2015, At-Grassroots crossed the mark of 5000 active client thus beginning its Phase II of moving towards Non-Banking Financial Company regime.
- In the Financial Year 2015-16, At-Grassroots achieved a growth of over 250% and crossed the mark of 8.5 Crore outstanding portfolio.
- At-Grassroots also received its first external funding in Financial Year 2015-16 and began strengthening the Internal Processes, Systems and Human Capital to enhance its preparedness for NBFC.
- Regular infusion of capital by the promoters along with reinvestment of all surplus income over expenses in last 5 years indicates a long term commitment and strong confidence on the robustness of the program by the promoters and management.
- The program was well capitalized to leverage more debt/external borrowing to fuel the growth with extremely low Debt/equity ratio of 6% in FY 2015-16.
- With a strong focus on efficiency, productivity and growth in portfolio in FY 2015-16, there has been a significant growth in the income compared to costs leading to a very healthy Operational Self Sufficiency (OSS) ratio of 161% by March 2016.
Phase III - Launch of MITRATA Inclusive Financial Services Pvt. Ltd. - NBFC
- On 1st September 2017, Mitrata program was formally re-launched under a Non-Banking Finance Company called Sona Finance Pvt. Ltd.
- Portfolio of Rs. 6.7 crore transferred to the Sona Finance (NBFC) from At-Grassroots along with branches and staff from 1st September 2017 as we plan to scale up the operation under the NBFC regulatory structure.
- As on November 30th, 2017 we have an outstanding loan portfolio of Rs. 8.04 crore given to 7,052 borrowers well diversified across 3 states of Uttar Pradesh (39%), Bihar (39%) and Madhya Pradesh (22%).
Stories of Change
A Fresh StartLife took an unexpected turn for Zeba when her husband, Fukran, 48 met with tragedy on August 2013 while travelling on business from his home town
Saqunat's Ray of HopeSaqunat is a resident of Bhojpur village in Moradabad district of Uttar Pradesh. Saqunat was a daily wage worker employed in an informal production unit. The work was irregular ...