NBFC Light expands to Uttar Pradesh

Meerut, Uttar Pradesh (December 13, 2023) : The Ahmedabad-based non-banking finance company (NBFC) Light today announced the commencement of its operations in Uttar Pradesh, signifying a crucial step in Light’s mission to empower rural low-income households across India. Light is dedicated to establish a robust presence in Uttar Pradesh, inaugurating Phase-I with 22 branches spread across 13 districts, including Haridwar, Udham Singh Nagar, Agra, Aligarh, Amroha, Bijnore,Bulandshahr,Firozabad, Mathura, Muzzafarnagar, Saharanpur, Shamli, Bulandshahr and Etah. The company has ambitious target to reach over 1 lakh households at the earliest, ensuring financial inclusion for many underserved residents. The company aims to achieve an AUM of Rs 150 crores in the first year of operations in the state. Aviral Saini, Light’s co-founder and CFO, expressed his enthusiasm for this new venture, stating, “Our core mission is to act as a catalyst for rural aspirations. We’ve set an ambitious goal to serve over 1 lakh households promptly, bridging the financial gap for unserved and underserved individuals in remote rural areas, providing essential financial products and services to nurture their entrepreneurial pursuits.” Aviral shared insights into the company’s strategic plans, mentioning, “The expansion in Uttar Pradesh will unfold in phases. Phase-I comprises 22 branches across 13 districts, while Phase-II will see expansion in Eastern Uttar Pradesh with 25 branches.

We are committed to build a substantial portfolio in the state over the next 3 years.” He also expressed Light’s excitement about delivering innovative financial solutions to the people of Uttar Pradesh, equipping them with the necessary tools for a brighter financial future. Since its establishment in 2009 in Ahmedabad (Gujarat), Light has rapidly become a key player in the Indian finance industry, accumulating an impressive Assets Under Management (AUM) of Rs 2200 crores. The company has a customer base of over 5 lakh individuals and a network of over 200 branches across nine states, including Gujarat, Rajasthan, Madhya Pradesh, Haryana, Himachal Pradesh, Odisha, Jharkhand, Uttarakhand and Uttar Pradesh. Light stands as a pioneering financial institution, leading in both financial and technological innovation. The company has transformed the lending industry with a paperless loan process, embracing cutting-edge technology for more efficient and eco-friendly financial services.