NBFC Light Enters Eastern India with Odisha Expansion
Bhubaneswar, Odisha (October 27, 2023): Light, the Ahmedabad-based non-banking finance company (NBFC), today announced the launch of its operations in the state of Odisha. This marks a significant step in Light’s mission to empower rural low-income households across the country.
Light is committed to establishing a robust presence in Odisha, with the launch of 25 branches in Phase I, spanning various districts encompassing southern, coastal and northern Odisha. The company’s ambitious goal is to extend its reach to over 1 lakh households at the earliest, ensuring financial inclusion for state people many of whom have remained underserved.
Light co-founder and CEO, Rakesh Kumar, expressed his enthusiasm for this new endeavour, stating, “Our fundamental mission is to act as a catalyst for rural aspirations. We have set an ambitious target to serve over 1 lakh households at the earliest. Our mission is to bridge the financial gap for unserved and underserved individuals in remote rural areas, providing them with the financial products and services necessary to nurture their entrepreneurial pursuits.” Light co-founder and CFO Aviral Saini shared insights into the company’s strategic plans, stating, “We are dedicated to nurturing a substantial portfolio of Rs 1000 Crore in Odisha alone. This commitment further underscores our resolve to empower and enhance the financial well-being of the rural entrepreneurs we serve.” He also expressed Light’s excitement in delivering innovative financial solutions to the people of Odisha, equipping them with the essential tools to cultivate a brighter financial future.
Since its inception in 2009 in Ahmedabad, Gujarat, Light has rapidly emerged as a key player in the Indian finance industry, amassing an impressive Assets Under Management (AUM) of Rs 2100 crore. With a customer base exceeding 4.5 lakh individuals and a network of over 200 branches in Northern and Western India, including Gujarat, Rajasthan, Madhya Pradesh, Haryana, Himachal Pradesh, Uttarakhand and Uttar Pradesh, the company has established a robust presence in multiple states.
Light stands as a pioneering financial institution at the forefront of both financial and technological innovation. The company has revolutionized the lending industry with a paperless loan process, embracing cutting-edge technology for more efficient and eco-friendly financial services.
To enhance customer convenience, Light offers user-friendly mobile applications, providing easy access to various financial services. Moreover, making payments, including EMI payments, has been streamlined through multiple channels, such as UPI and payment wallets. Customers can make payments by simply scanning a QR code, reflecting Light’s commitment to providing accessible and customer-centric financial solutions. Light’s technological advancements exemplify its dedication to delivering innovative and seamlessly integrated financial services, ultimately ensuring a brighter financial future for all.