SKS Makes Microfinancing Easier

March 29, 2007 Posted by Media Exposure

Mumbai: Six lakh women borrowers spread across more than 7, 000 villages in 11 states of India have Vikram Akula’s SKS Microfanance to thank for a new life. SKS is now one of the fastest growing Microfinance institutions in the world.The company grew by 160 per cent with a 99 per cent on-time repayment rate last year, which can be the envy of many mainstream banks.Now this model is attracting leading venture capitalists including Sequoia that has invested Rs 50 crore in SKS.

“SKS is unique because we use three things to overcome the problem of scaling. Number one is using for profit model to access capital. Number two is to use business practises from fortune 500 companies to scale extremely fast and to use technology. These three things have helped us a new generation MFI to have the fastest growth rates,” says Akula who is the founder and CEO of SKS Microfinance.

The new capital will go towards providing financial services to over five million poor families by 2010.

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