IIFL Samasta is striving for improvements on multiple fronts, including technology, culture, HR and CX:
As of March 2024, IIFL Samasta, led by MD Venkatesh N, has 1645 branches across 22 states in India, serving over 3 million customers. This microfinance institution, part of the IIFL Group, focuses on women’s economic empowerment, providing affordable financial products in rural and semi-urban areas. Emphasizing innovation, IIFL Samasta has automated loan processes and integrated real-time customer verification, enhancing operational efficiency and customer experience. With initiatives like ‘Gurukul’ and ‘People First,’ the company fosters a positive workplace culture, driving sustainable growth and financial inclusion.
Technology Drives Efficiency
IIFL Samasta has embraced several technological innovations aimed at boosting efficiency and improving the customer experience. One of the standout innovations is the integration of the Business Rule Engine (BRE), which automates loan application processes. IIFL Samasta MD Venkatesh N explains: “To enhance operational efficiency and improve customer experience, we have integrated cutting-edge technology such as the Business Rule Engine, which automates loan application processes, ensuring consistent and compliant decision-making.” This automation helps streamline operations and provide a smoother experience for customers, ensuring timely and transparent decision-making.
Moreover, the implementation of geo-tagging technology has significantly improved loan disbursement tracking and outreach, further enhancing operational accuracy. In addition, eKYC real-time verification has revolutionized the onboarding process, allowing for a more seamless, compliant, and rapid customer onboarding experience. These technological integrations, as Venkatesh notes: “boost customer satisfaction and drive sustainable business growth.”
The company has also successfully implemented risk-based pricing and digital loan documentation, both of which have greatly contributed to operational improvements.
Strengthened Financial Standing
IIFL Samasta Finance has seen significant improvement in its credit ratings over the past 3 years, reflecting its strong financial performance and operational excellence. Key indicators such as revenue growth and asset quality have been critical in propelling the company’s upward trajectory. This progress is highlighted by the organization’s current Crisil rating of AA-, which denotes a high degree of safety in meeting financial obligations. In addition, the company has been rated AA by India Ratings & Research, and ACUITE Ratings & Research has also awarded it an AA long-term rating and an A1+ short-term rating. Moreover, CRISIL has granted the company a top-tier M1C1 assessment, underscoring its solid financial standing.
Enhanced Funding Strategies
Over the past 3 years, IIFL Samasta has significantly expanded its sources of debt and equity, reinforcing its financial strength and boosting its funding capacity. By establishing strong relationships with both domestic and international banks, the company has raised over Rs97 billion through a variety of financial instruments. These include term loans, Pass-Through Certificates (PTCs), direct assignment deals, commercial papers, and Non-Convertible Debentures (NCDs).
One of the company’s most notable milestones occurred in the previous fiscal year (FY24) with the public issuance of Rs10 billion in NCDs. This move reflected strong investor confidence in IIFL Samasta’s financial stability and growth trajectory. The issuance bolstered the company’s capital base, providing essential liquidity to support its operational expansion and lending capacity.
Global Funding Expansion
Looking forward, IIFL Samasta is set to diversify its funding sources further by tapping into international markets through external commercial borrowings (ECBs). According to Venkatesh: “This strategic move will further diversify our funding sources and give us access to low-cost capital, enabling us to continue our mission of financial inclusion and scale our impact in the microfinance sector.” By adopting a well-balanced approach that leverages both domestic and international funding avenues, IIFL Samasta has positioned itself to meet the growing demand for its services while laying the foundation for sustained long-term growth.
Cultivating a Positive Culture
Over the past year, the company introduced the Gurukul program aimed at fostering leadership and skill development within the organization. “Our People First initiative has been instrumental in reducing attrition, creating a more supportive and engaging environment for our employees,” Venkatesh said. This employee-centric approach earned IIFL Samasta recognition as a Great Place to Work from January 2024 to January 2025, as well as a spot among the Top 50 Workplaces in the BFSI sector.
Transforming Customer Experience
Over the last 2 years, IIFL Samasta Finance has rolled out several key technological initiatives, revolutionizing both internal operations and the customer experience.
One of the most impactful advancements has been the ‘Instant Business Loans’ platform. This innovative service blends technology with human support, creating a seamless ‘phygital’ experience for customers. Through the platform, applicants can complete the loan process online, with real-time decision-making supported by robust credit checks. According to Venkatesh: “This service has made financial assistance more accessible to small businesses, with loan approvals and disbursements occurring within hours.” The quick processing times have greatly improved customer satisfaction by eliminating the typical hurdles involved in loan applications.
Streamlining Loan Management
The second major innovation is the ‘Sakhi Loan Repayment App’, designed specifically for microfinance clients. The app simplifies loan management by providing users with detailed loan information, real-time EMI payment options, and timely notifications. This digital empowerment has not only made the repayment process smoother but also improved on-time payments, contributing to lower delinquency rates and enhancing the overall efficiency of loan management.
Lastly, IIFL Samasta has made significant strides in internal processes through tools like eKYC for real-time customer verification, the Business Rule Engine (BRE) for automated loan approvals, and Maverik, which reduces manual intervention in backend operations. Additionally, the use of Zoho for task management has streamlined internal workflows, boosting transparency and cross-department collaboration.
Empowering Future Leaders
In line with IIFL Samasta’s vision for leadership development, the ‘Road to CXO’ program aims to build a strong pipeline of future leaders. This initiative goes beyond traditional skill-building by equipping employees with the tools, knowledge, and experience required to step into leadership roles. As Venkatesh explains: “The Road to CXO program is a critical part of our strategy to cultivate leaders from within the organization, ensuring long-term success.”
Finally, the ‘I Am Samasta’ initiative is designed to instill a sense of unity and shared values among employees. By encouraging staff members to embody the company’s core values – integrity, respect, and commitment – this program fosters a strong sense of belonging. Employees are empowered to contribute to a cohesive workplace culture that reflects the organization’s commitment to excellence. Collectively, these HR initiatives have not only enhanced employee engagement but have also positioned IIFL Samasta as a supportive and forward-thinking employer in the financial sector.
Future Growth Aspirations
Looking toward the future, IIFL Samasta is optimistic about building on its success. Venkatesh emphasized: “We continue to strengthen our financial metrics, particularly profitability, which places us in a good position to not only sustain our AA- rating but also potentially achieve an upgrade.” With a focus on strategic initiatives like market share expansion and entry into new product segments, the company is poised to enhance its competitiveness within the financial landscape. In the coming years, the company aims to leverage its customer-centric approach and technological innovations to broaden its audience and deliver more value.
Leadership Appointments
In the last 24 months, IIFL Samasta has made significant updates to its top management, combining internal talent with external expertise to drive operational efficiency and foster strategic growth. One of the key appointments has been the new Chief Technology Officer (CTO), who will lead the company’s digital transformation. The CTO will focus on leveraging AI and machine learning to optimize operations, improve customer engagement, and strengthen IT infrastructure and security. This effort will be supported by Mr. Shivaprakash D, the Whole Time Director and founding member, who, according to Venkatesh: “has been instrumental in our technological advancements since the beginning.”
Additionally, it has appointed a Chief Compliance Officer tasked with reinforcing compliance frameworks to ensure regulatory alignment and uphold a culture of integrity across the organization. A newly promoted Chief Human Resources Officer (CHRO) is also in place, focusing on advancing people practices throughout the company.
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