Electronica Finance Limited Expands into Telangana Market, Paving the Way for Financial Inclusion

Electronica Finance Limited (EFL), a Pune-based non-banking financial company (NBFC) specializing in financing MSMEs, is excited to announce its entry into the Telangana market. End Quote

(1888PressRelease) October 27, 2023 - Electronica Finance Limited (EFL), a Pune-based non-banking financial company (NBFC) specializing in financing MSMEs, is excited to announce its entry into the Telangana market. EFL, with a legacy of over 30 years, has been dedicated to promoting financial inclusion and energy-efficient machine financing. The company is set to make a significant impact on Telangana's economic landscape by opening seven branches in Warangal and Suryapet, with plans to establish over 50 branches across the state.

Telangana, home to approximately 2.6 million MSMEs, of which 56 percent are located in rural areas, presents a significant opportunity for EFL. The company is committed to supporting the growth of first-time borrowers in various sectors, including Nalgonda handloom workers, Suryapet's cotton producers, Erra Mirchi in Kamareddy, rice/cotton producers in Karim Nagar, and handloom and toy workers in Nirmal. By providing timely access to capital, EFL's loans will drive economic growth, create employment opportunities, and elevate living standards in the state.

Managing Director & CEO of Electronica Finance Limited, Ms. Shilpa Pophale, stated, "Our expansion into Telangana aligns with our mission to foster financial inclusion and empower local businesses. We have witnessed remarkable growth in the last financial year, with over 65 percent YoY growth in disbursements and more than 45 percent YoY growth in our loan book. Our profitability has exceeded 40 percent YoY, and we remain committed to the UN SDG of financial inclusion."

EFL is dedicated to helping New-to-Credit (NTC) customers achieve sustainable economic growth through funding. To further streamline its services, EFL is set to launch a mobile app, enabling digital onboarding and process automation. This, coupled with ongoing technology investments, will enhance the overall customer experience.

With over 175 branches currently operating across 15 states, EFL aims to expand its network to 500 branches in the next five years. As part of this expansion, the company will introduce new products, invest in technology, and enhance existing processes.

About Electronica Finance Limited:
Electronica Finance Limited (EFL), a subsidiary of the SRP Electronic Group headquartered in Pune, was founded in 1990. EFL has established itself as a pioneer in MSME finance, offering a comprehensive product portfolio, including Machine Loans, Business Loans, Rooftop Solar Loans, Property Loans, Institutional Lending, Working Capital Loans, and Micro Enterprises Loans. The company currently manages an AUM of approximately INR 3000 crores and operates in 175 branches across 15 states, with a mission to meet the financial needs of individuals and organizations alike.

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