SUGMYA FINANCE PRIVATE LIMITED
CARVING THE FUTURE OF FINANCE WITH EXCELLENCE-DRIVEN SOLUTIONS
Vince Lombardi has well-asserted, “The price of success is hard work, dedication to the job at hand, whether we win or lose, we have applied the best of ourselves to the task at hand.” Ant that’s the motto majority of the successful companies scattered in the business world follow. Dedication and passion, indeed, are the major backbones of well-established companies out there!
Innovative Zone has been one of the leaders in the publication world since its inception all thanks to its fascinating monthly editions. And here again, we are back with another mesmerizing edition comprising the success tales that only inspire but motivate us to be better. In this context, our editorial team had an interesting and joyful virtual session with the leadership panel of Sugmya Finance Pvt. Ltd., a venture offering top-notch financial services across the globe.
The management of the company and the MD & CEO, Mr. Vikas Singh, shared numerous lesser-known facts about the company and also shed some light on his overall entrepreneurial journey so far. We truly hope and desire that this fascinating read will add some extra value to the lives of our global readership panel and will surely encourage the budding leaders out there to break the barriers and chase their dreams.
COMPANY PREFACE
Giving a detailed introduction of the company, Mr. Vikas quips, “Sugmya Finance is a newage, tech-enabled, non deposit-taking Cat-B lending NBFC, founded by professionals, Vikas Singh & Brajmohan Singh. Company started its operations in January 2019 with its HQ in Delhi and is currently operating with 138 branches across 9 states including Bihar, Delhi, Jharkhand, Rajasthan, Haryana, Madhya Pradesh, Uttarakhand, Uttar Pradesh & Himachal Pradesh.
We specialize in providing three main financial services: MSME Loans, Micro Loans, and Consumer Durable Loans. Despite the liquidity crisis and the ongoing pandemic, our company has managed to scale rapidly and has added 36 lending partners. We maintain a balanced focus on both top-line and bottom-line growth, resulting in profitable operations since our inception. At Sugmya Finance, we prioritize the safety of our customers and have implemented Cashless Collections and Disbursement.
Our impressive track record of 99.5% recovery/collection and zero Non-Performing Assets (NPA’s) reflect our commitment to responsible lending practices.” The leader also revealed that over the past few years, the lending industry has experienced a significant shift, primarily because of two major occurrences: the 2017 Demonetization and the Covid-19 pandemic that occurred between 2020 and 2021. These incidents have brought to light the significance of digitalization and low operational costs as critical elements in creating a robust lending and borrowing ecosystem that can withstand the test of time.
EDGE IN THE REALM
Since its establishment, the company has been unwavering in its dedication to implementing a completely digital system, setting it apart as a unique entity in T3/ Semi-urban areas. In contrast to the industry standard of a 40% digital collection rate, the company has successfully achieved a full 100% rate. This has positioned the company as a frontrunner in digital payment and technological advancements, especially in small cities and T3/semi-urban areas, cementing its status as the market leader.
He further adds, “We take pride in being more than just a lending company, as we also prioritize educating, motivating, and encouraging our clients from tier 3 and semi-urban cities to adopt digital payment solutions. By doing so, we enable them to gain access to formal credit and banking systems. Moreover, we also assist clients from underprivileged locations in accessing E-health clinic facilities through our branches.”
THE BRAIN BEHIND THE BRAND
“Integrity, insight, and inclusiveness are the three essential qualities of leadership.” And that’s what Mr. Vikas possess in his personality, hence making him an inspiring leader. Having a degree in BSc. as well as an MBA, and with over 16 years of practical experience in the Microfinance sector, Mr. Vikas is a seasoned practitioner who has worked with various microfinance organizations such as Cashpor. He has successfully overseen the implementation of self-help groups (SHGs) projects that were supported by NABARD and have gained extensive exposure to different markets and geographies.
Mr. Vikas is a proactive leader and planner who possesses a strong background in executing market plans, as well as conducting competitor and market analysis. Before establishing Sugmya, he served as the Deputy Chief Operating Officer of Satin Credit Care Network Limited (SCNL), which is a prominent Microfinance company. “Sugmya Finance Private Limited was incorporated in 2017 and got the necessary NBFC license in 2019. With Delhi as headquarters, we started our operations in 2019 with short-term personal loans.
Our first Branch office became operational in Amlaha, MP, in July 2020. Only within two years, Sugmya has successfully opened 138 branches in 9 states of India. Sugmya has achieved 280 CR AUM within two years.” -Mr. Vikas.
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