MFI Partners

Dia Vikas embodies a model of social investment that is unique in the microfinance sector. Prior to our establishment, only very large MFIs were able to mobilise long-term equity funding. The majority of this was sourced from commercial private equity institutions.

Small and medium MFIs, particularly those operating in risky or underserved areas, struggled to attract long-term equity investment. This situation exacerbated the divide between the southern states and urban areas, where MFIs attracted funding, and the underserved north, central and northeast states and rural areas, where intervention is very much needed.

Dia Vikas supports MFIs that display a local affinity and operate in underserved regions. We provide these partners with long-term capital and do not exit unless the MFI drifts from its social mission or does not adhere to governance standards. Partners are encouraged to invest surplus funds to reduce interest rates and expand services to more communities, rather than provide a capital return for equity investors.

Alongside our funding, we help our partners leverage loans from banks and other social capital providers. This helps to magnify their client outreach and social impact.

Partnership process

To ensure that Dia Vikas achieves its mission effectively and efficiently, we seek out local partners that are offering effective, innovative and visionary programs to people living in poverty – often in areas where no other, or very few other,  organisations are working. When choosing partners, Dia Vikas considers mission alignment alongside governance, management and performance.

Mission alignment

Dia Vikas’ partners must share our values and not be driven by commercial returns. We look for partners:

with a mission to help people work their way out of poverty
that work in the poorest, largely underserved regions – serving a market that exhibits a relevant ‘gap’, with conditions that are favourable for microfinance
with sound future strategies to deepen outreach and broaden services
that demonstrate commitment to responsible practices in the field for client protection and staff satisfaction.


In order to properly exercise stewardship, we need partners that can operate sustainable businesses. We look for partners with:
inspired leadership, balancing both social and financial performance
strong risk management and governance practices with reasonable current financial performance


a sound operating platform and capable staff with good portfolio tracking systems and accounting
an ability to manage significant growth, as reflected in comprehensive business plans and projections underpinning a sustainable future.

These are the partners we work with.

1.Adhikar Microfinance Private Limited (Adhikar)


Adhikar is based in Orissa, which is one of India’s most impoverished States, where more than 47% of the population live on less than US$1 per day. Adhikar started its operations in 1992, as a not-for-profit initiative, with the objective of providing housing rights to the slum dwellers of Bhubaneswar. Adhikar is led by Managing Director Mohammad N Amin, who is a lawyer by training and has over 20 years of development experience including 15 years managing Adhikar’s microfinance programme.

It is currently working in the states of Orissa and Gujarat.
As at Octiber 31, 2015 it was serving 71,324 clients with a portfolio outstanding of Rs.624 million.
Click for more information on Adhikar :

2.Annapurna Mahila Multi State Co-operative Credit Society


Annapurna is registered under Multi State credit Co-operative Societies Act in 1997. It is primarily working in the cities of Mumbai and Pune in Maharashtra.

The uniqueness of Annapurna’s work lies in its holistic approach to development. Annapurna not only provides credit and savings products to its clients but also provides life, health and asset insurance to its clients in the slums of Mumbai and Pune. This is different from the present insurance schemes offered by insurance companies, since it is run on the Mutual Insurance model. The products are based on the concept of community based mutual risk sharing.

Annapurna is led by Mrs. Medha Purao Samant who is an ex- banker and has more than 20 years of experience in the development sector.

As at October 31, 2015 it was serving 51,568 clients with a portfolio outstanding of Rs. 604 million.

Click for more information on Annapurna:

3.Cashpor Micro Credit


Cashpor has been operating since 1997, and is one of the largest microfinance institutions in India., known for serving the poorest of the poor, Cashpor is reducing poverty in rural Uttar Pradesh, Bihar, Chhattisgarh, Jharkhand and Madhya Pradesh where some of the poorest people in India live. It has developed the widely used Cashpor Housing Index as a means of identifying poor people so that they can be targeted and provided financial services. Other than housing index, it also uses Progress out of Poverty Index (PPI) to identify the poorest of the poor and select them as their clients.

Cashpor is led by Professor David Gibbons, who is a pioneer in replication of Grameen methodology in many countries and has more than 25 years of microfinance experience.

As at October 31, 2015 it was serving 843,379 clients with portfolio outstanding of Rs. 8,069 million.

Click for more information on Cashpor:

4.Centre for Development Orientation and Training


Centre for Development orientation and Training (C-DOT) is a Bihar based MFI, It works in the state of Bihar which, as per the Human Development Index Report (India), 2001 occupies the last rank out of fifteen major states. C-DOT is led by Mr. R. R. Kalyan who is having more than 15 years experience in the development sector

Other than credit, C-DOT also provides savings services through tie up with commercial banks. It has already facilitated opening of more than 1.8 million savings accounts in the last three years

As at October 31, 2015 it was serving 11,649 clients with portfolio outstanding of Rs.77 million.

Click for more information on C-DOT:

5. ESAF Microfinance and Investments Pvt. Limited (EMFIL)

EMFIL is the Microfinance window of the Evangelical Social Action Forum (ESAF), a community development organization, based out of Thrissur, Kerala. ESAF started its journey as a society in 1992 and since then implemented variety of socio-economic development programme for the poor people.

It aims to deliver need-based financial services to the poor in a cost effective and sustainable manner. It is led by Mr. K. Paul Thomas, who has over 20 years of experience in the development sector. Apart from financial services, ESAF and its associate organizations provide business development services to its clients which include skill training, production and marketing support. It is currently working in seven states of India i.e. Kerala, Chhattisgarh, Tamil Nadu, Maharashtra, Madhya Pradesh, Jharkhand and West Bengal.

Recently, it got license from RBI to operate as a Small Finance Bank.

As at October 31, 2015 it was serving 744,928 clients with portfolio outstanding of Rs.12,784 million.

Click for more information on EMFIL :

6. Growing Opportunity Finance Pvt. Ltd.

Growing Opportunity Finance Pvt. Ltd (GO Finance) is part of Opportunity International Network. It was established in 2006 as an NBFC, in Chennai. Its mission is to alleviate poverty through motivation, training, counseling and microfinance, thereby enabling the poor to become self-reliant, attains dignity, holistic transformation and become citizens of excellence. GO Finance also provides skill based training to poor women, widows and unemployed youth with support from its sister organization,

As at October 31, 2015 it was serving 63,438 clients with outstanding of Rs.736 million.

Click for more information on GO Finance:

7. Margdarshak Financial Services Ltd.

Margdarshak is based in Lucknow, Uttar Pradesh, one of the most heavily populated states in India. Established in 2004 as a technical service provider to the development sector, Margdarshak commenced microfinance operations in July 2007. It is led by Rahul Mittra who has over 15 years of experience in development sector including extensive experience in micro finance and micro enterprise development.

A significant proportion of its clients produce internationally acclaimed crafts, including embroidery and leather goods. Margdarshak also provides technical support to its client through its consulting arm and partner institutions. It is working in the states of Uttar Pradesh, Bihar and Haryana.

As at October 31, 2015 it was serving 97,401 clients with portfolio outstanding of Rs.1,255 million.

Click for more information on Margdarshak:

8. Prayas


Prayas is a development organization based in Gujarat. Prayas is focusing in few districts of Gujarat and Madhya Pradesh which are served by very few microfinance players because of the remote location and tough geography.
Other than micro finance, Prayas also implements many other development programmes in the education, health and livelihood sectors. It also provides micro insurance services to its clients. Prayas is led by Mr. Bhadresh Rawal who is a trained development professional and has more than 20 years of experience in the development sector.

As at October 31, 2015 it was serving 19,009 clients with portfolio outstanding of Rs.172 million.

Click for more information on Prayas :

9. RGVN (NE) Microfinance Pvt. Ltd.

RGVN operates in five north-eastern states of India, and has its head quarter at Guwahati, Assam. RGVN (NE) is led by Ms. Rupali Kalita, an experienced banker under whose leadership it is expanding at a fast pace and so far covered five north eastern states of Assam, Nagaland, Sikkim, Arunachal Pradesh and Meghalaya. It has plans to expand into the entire North Eastern Region. It also facilitates livelihood and other development services to its clients through the parent body RGVN.

Recently, it has received license from RBI to operate as Small Finance Bank.

As at October 31, 2015 it was serving 266,604 clients with portfolio outstanding of Rs. 3,265 million.

Click for more information on RGVN :

10. Sambandh Finserve Pvt. Ltd.


Sambandh Finance Services Pvt. Ltd. (Sambandh) is the microfinance initiative of Regional Rural Development Centre (RRDC),
launched in 2006. Sambandh primarily operates in the underserved State of Orissa, where 48% of the population lives below the poverty line. It has also expanded into Jharkhand recently. It is led by Mr. Deepak Kindo, who has extensive experience in the micro finance sector.

Committed to improving the quality of life for the poor entrepreneurs and their families, the programme also provides life
insurance to all borrowers.

As at October 31, 2015 it was serving 51,789 clients with portfolio outstanding of Rs.617 million.

Click for more information on Sambandh:

11. Samhita Development Services


Samhita is operating in Madhya Pradesh (MP), Uttar Pradesh and Chhattisgarh. It is led by Praseeda Kunam, who has more than 15 years of experience in microfinance sector. Samhita is delivering a range of microfinance and credit plus services to the disadvantaged communities.. Samhita’s Micro Finance Operations are managed under the Section 25 Company viz., Samhita Community Development Services. Samhita also initiated health awareness, legal rights awareness and financial literacy programmes for the benefit of communities in its areas of operations.

As at October 31, 2015 it was serving 109,535 clients with portfolio outstanding of Rs.981 million.

Click for more information on Samhita :

12. Shikhar Microfinance (P) Ltd. (Shikhar)


Shikhar is based in the National Capital Region (NCR) of Delhi, where more than three million people live in slums, and almost seven million people live in unauthorized colonies and peri-urban villages. It is working in the states of Delhi, Haryana, Uttar Pradesh and Uttarakhand. Shikhar is led by Satyavir Chakrapani, who has over 12 years of experience in development sector.

As at October 31, 2015 it was serving 35,817 clients with portfolio outstanding of Rs.981 million.



MicroSave, leading microfinance consultants, supports the development of portfolio through capacity building (training and on-site technical assistance) to nurture the growth of our MFI partners. These capacity building efforts are augmented by specific diagnostic tools for assessing product, process or portfolio qualities and on the basis of these assessments, putting in place remedial action.

According to its Program Director, Graham Wright: “The [Dia Vikas Capital/MicroSave] partnership has allowed the team not just
to build a balanced and appropriate portfolio comprising start-ups through to leading MFIs in India, but also to shape some of the microfinance industry norms in India.”

Click for more information on MicroSave  :

EDA Rural Systems

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EDA Rural Systems (EDA) is an established development consulting firm, promoted in 1983 by Frances Sinha and Sanjay Sinha. Over the past 25 years, EDA has built up a credible global reputation in the area of economic and development research. EDA is based at Gurgaon, in the National Capital Region of India. EDA specializes in research and capacity building support to microfinance and microenterprise initiatives in India and other countries of South and South East Asia.

EDA is a member of the Imp-Act consortium, aiming to build MFI Capacity for Social Performance Management, including Action Research to document best practices and cost-effectiveness. EDA has worked with Mark Schreiner in developing the Progress Out of Poverty Index (PPI) or Poverty Score Card as a poverty assessment and targeting tool for MFIs in India.

Click for more information on EDA Rural Systems  :

Responsible Finance Forum


Responsible Finance Forum (RFF) is an independent voluntary body for institutionalizing the adoption and adherence of responsible finance principles in the Indian financial inclusion sector. RFF enhances coordination and exchange of information among the key stakeholders and devises concerted efforts to put focus on the needs of the end-clients, irrespective of the financial inclusion model. Dia Vikas is also a founding member along with World Bank, International Finance Corporation (IFC) , Small Industries Development Bank of India (SIDBI) and Department for International Development (DFID) and a few others organizations. Responsible Finance Forum facilitates adoption, adherence and strengthening of responsible finance.

Access Assist

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Access Assist (Access) is a not-for-profit supporting the organized growth of the microfinance sector in India. Access engages at all levels of the financial value chain to catalyze greater flow of financial services to the poor and develops and devises composite livelihoods promotion strategies and programmes.