One of the top NBFC-MFIs in India, Fusion Micro Finance (BSE: 543652) and NSE: FUSION), has announced that it would now be known as Fusion Finance Limited, with effect from July 9, 2024.
Fusion, which was founded in 2010, is a significant participant in the expanding microfinance market in India, with assets under management (AUM) of INR 11,476 crores as of March 31, 2024.
Speaking on the change Devesh Sachdev, MD & CEO, Fusion Finance Limited said, “Fusion has been growing at a steady pace over the past years with a steadfast focus on providing financial services to unserved and underserved population. In this journey, we have continued to evolve along with our customers. Going forward, our aim is to provide a more diverse range of financial products to address their expanding needs. This diversification will also help us in strengthening our business resilience, ensuring a long-term sustainable growth. Importantly, at Fusion, we continue to stay committed to the microfinance business and will continue to maintain the minimum 75% criteria of “qualifying assets”. Our ethos and brand identity, that we have built over the years, also remain intact.”
By offering financial services to underserved and unserved women entrepreneurs in rural and peri-rural areas, the company has been promoting financial inclusion. In an effort to serve the “missing middle” of the market, the company expanded into MSME lending in 2019. Fusion has successfully increased its AUM under the MSME category to INR 531 crores as of March 31, 2024, and it has 97 specialised MSME branches nationwide.
As of March 31, 2024, Fusion Finance had 1,297 branches and 453 districts spread throughout 22 states and three Union Territories.