Ujjivan Debt 2 (IFC-38277)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 26, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
UJJIVAN FINANCIAL SERVICES LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 38.32 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 38.32 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 40.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 23, 2018

Disclosed by Bank Sep 15, 2016


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Project Description

According to IFC website, the project envisages a debt investment in Ujjivan Financial Services Limited which is a leading MFI headquartered in Bangalore, Karnataka with a borrower base of more than 2.5 million borrowers and a loan portfolio of approximately INR41 billion (US$620 million equivalent) as of September 2015. Ujjivan is amongst the few large MFIs that focus on providing micro loans to women borrowers in urban and semi-urban areas. Its target customers include self-employed women working as vegetable or fruit vendors, small shop owners, sari sellers, tailors, salaried women working in garment factories, hospitals, cooks, house maids, and piece rate workers involved in incense stick rolling, tailoring etc. Ujjivan has over the years, established itself as one of the most customer centric institutions with a strong emphasis on responsible lending and good HR practices. The project is expected to have a high development impact in the following areas:

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Ujjivan was founded by Mr. Samit Ghosh who has been an international banker for over thirty years and was part of the pioneering team which launched consumer banking in India at Citibank in 1985. He led the launch of retail banking for Standard Chartered in the Middle East and South Asia, and for HDFC Bank in India. His last assignment, before starting Ujjivan was as CEO of Bank of Muscat. He is an alumnus of Jadavpur University and the Wharton School of Business, USA.


Ujjivan is listed on the National Stock Exchange and Bombay Stock Exchange. Its key shareholders include CX Partners, NewQuest, CDC, Bajaj, Sequoia and Caspian. Ujjivan Financial Services Limited, a microfinance institution, provides retail banking services and a range of financial services to economically active poor in urban and semi-urban areas in India. 

Contact Information

Project Contact: Mr. Hiren Shah
Ujjivan Financial Services Limited
Office Address: Grape Garden, No. 27, 3rd A Cross, 18th Main, Koramangala 6th Block, Bengaluru 560 095
Contact No.: +91 80 4071 2121
Fax No.: +91 80 4146 8700 

Email Address: Hiren.shah@ujjivan.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/