Ujjivan - Providing Financial Services to the Poor

Business Information | Milestones and Roadmap

Milestones

2004

August 1 - Invitation to invest in Ujjivan
December 28 - Ujjivan incorporated as a finance company

2005

January 25 - First board meeting held
February - First employees joined Ujjivan: Samit Ghosh and Ajit Grewal
March 22 - Ujjivan's first office opened in Mphasis building on Bannerghatta Road
May 16 - Offices relocated to Indiranagar
August 17 - Shareholder agreement signed with Bellweather Microfinance Fund
August 26 - Completed raising domestic capital of Rs. 24.31 million
September 1 - First team of field staff on board
October 3 - Field staff starts preliminary work at first branch site in Koramangala
October 31 - Reserve Bank of India issued Ujjivan's license to start business at a Non Banking Financial Company
November 8 - Ujjivan's first branch opened in Koramangala

2006

January - First loans disbursed
May 18 - Unitus and the Michael and Susan Dell Foundation announced investment in Ujjivan
July 29 - Ujjivan moves to new office in Koramangala
November - Reached 10,000 customers in Bangalore
November 3 - Ujjivan celebrated first anniversary
November 3 - Ujjivan launched Market Research Publication entitled "A Study of Economically Active Poor Women in Bangalore 2005"
December - First eye care camp held in Bangalore

2007

January 3 - Ujjivan opened first semi-urban branch in Ramnagar
February - Operations began in Delhi and Kolkata
March - Reached over 20,000 customers in Bangalore
April - Completed 18-month pilot program in Bangalore
April - Ujjivan became first Indian MFI to grant stock options to employees
May 9 - Delhi disbursed first loans
May 29 - Kolkata disbursed first loans
June 1 - First Housing Loans disbursed
June 12 - Healthcare program launched at Koramangala Branch
September 14 - Ujjivan became founding member of the Association of Karnataka Microfinance Institutions
October 27 - Dutch Royal Family visited Ujjivan’s head office
November 3 - Third round of equity raising completed

Roadmap

Ujjivan’s urban model was piloted in Bangalore over an 18-month period, from November 2005 to April 2007. As of 31, March 2008 we have 38 branches in Bangalore, Delhi and Kolkata with a customer base of 68,033. In 2008 we will be launching operations in Mumbai and plan to reach 2 million customers nation-wide in our 6th year of operation.

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