Unitus Welcomes New Partners

April 15, 2008 Posted by Press Release

Unitus Welcomes Four New MFI Partners

Unitus is pleased to welcome the addition of four new India-based microfinance institution (MFI) partners to the Unitus network. Ajiwika Society, Equitas (formerly UPDB), Mimo Finance, and Samhita bring a variety of market insight, business models, and core strengths to our network of 21 MFI partners around the world.

Through the Unitus network, MFI partners receive a broad range of business consulting services, capacity-building grants, technology tools, strategic planning, and capital advisory services to eliminate barriers to growth and empower them to serve millions more hardworking micro-entrepreneurs around the world. 

AJIWIKA SOCIETY is an MFI working in Jharkhand and Bihar, India. With operations starting in 2005, Ajiwika aspires to serve 150,000 clients by 2011. Ajiwika is led by Mr. Tanay Chakravarty, an experienced development professional who has worked in several livelihood programs in Jharkhand and Bihar.

EQUITAS is a startup MFI founded in July 2007 and based out of Chennai, India. Equitas aims to reach 300,000 clients by 2009. Equitas is led by Mr. Pathangi Narasimhan Vasudevan, who brings more than 20 years of experience at Cholamandalam Finance Company, a Chennai-based NBFC, and Development Credit Bank, Mumbai as Head of Consumer Banking. Equitas plans to adopt innovative approaches, questioning many of the existing paradigms in its quest to reach out to its customers in an effective and efficient manner.

MIMO FINANCE is an MFI based in Uttarakhand, India. Founded in November 2006, Mimo hopes to grow to 300,000 clients by 2011. Mimo is led by Mr. Manab Chakraborty, who has more than 30 years of development experience in Asia, Africa, and North and South America. Mimo operates in semi-urban areas in Uttarakhand, Western Uttar Pradesh, and anticipates expanding to other areas of North India.

SAMHITA COMMUNITY DEVELOPMENT SERVICES is an incubator for specialized development initiatives targeting disadvantaged and dispersed populations. The network is based in Madhya Pradesh, India, and aims to offer economic and primary health services at scale, supported by a common appropriate technology platform. Samhita Microfinance is the network’s microfinance initiative and started operations in Rewa district of Madhya Pradesh in December 2007. Samhita is led by Praseeda Kunam, who most recently worked with ABN AMRO Foundation India and was previously Director Operations at SKS Microfinance.

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