How Criss Finance Is Powering Rural Growth Through Simple, Smart Credit
Introduction To Criss Finance Ltd.
Criss Finance Ltd. is a systemically important Non-Banking Financial Company (NBFC) based in Hyderabad and operates as a wholly-owned subsidiary of Spandana Sphoorty Financial Ltd., a publicly listed microfinance institution with a market capitalisation of INR 4,190 crore. With its roots in microfinance and loans against property (LAP), Criss has recently begun to diversify its portfolio by venturing into unsecured MSME loans and home improvement financing. This strategic shift reflects the company’s focus on catering to the evolving credit needs of India’s underbanked segments, especially small business owners and households looking to enhance their living standards.
As of June 2024, Criss serves a growing customer base of over 2 lakh active borrowers across six states, operating through a network of 139 branches. The company manages an Asset Under Management (AUM) of INR 796 crore and has maintained a strong asset quality, with a Gross Non-Performing Asset (GNPA) ratio of 2.5% and a Net NPA (NNPA) ratio of just 0.6%. With a conservative debt-to-equity ratio of 1.7x and consistent capital support from its parent, Criss has shown financial discipline and resilience. The company’s creditworthiness has also improved significantly, with two credit rating upgrades over the past two years, climbing from BBB+ to A — a testament to its stable outlook and growth potential.
Board Of Directors Of Criss Finance Ltd.
Here is the list of the Board of Directors of Criss Financial Limited:?
1. Ms. Abanti Mitra – Non-Executive Chairperson and Independent Director?
2. Mr. Deepak Calian Vaidya – Independent Director?
3. Mr. Ashish Damani – Non-Executive Director?
4. Mr. Shalabh Saxena – Non-Executive Nominee Director?
5. Ms. Saakshi Gera – Non-Executive Nominee Director?
This board composition reflects Criss Financial Limited's strategic alignment with its parent company, Spandana Sphoorty Financial Limited, ensuring experienced oversight and governance.
Source: Criss Finance Ltd.1
Products Offered By Criss Finance Ltd.
Criss Financial Limited (CFL) is dedicated to empowering individuals and small businesses in semi-urban and rural areas through a range of tailored lending products. Their offerings are designed to cater to diverse financial needs, ensuring transparency and compliance with statutory requirements.?
1. Loan Against Property (LAP)
CFL's Loan Against Property is a secured lending option that allows borrowers to leverage their existing property to access funds. This product is ideal for individuals and businesses seeking substantial financing for purposes such as business expansion, education, or medical emergencies. By mortgaging their property, borrowers can avail of loans with competitive interest rates and flexible repayment terms.?
2. Nano Enterprise Loan
The Nano Enterprise Loan is an unsecured lending product aimed at supporting small businesses, including shopkeepers, small retailers, and traders. This loan is designed to meet the working capital requirements of micro-enterprises, enabling them to manage day-to-day operations and invest in growth opportunities. With minimal documentation and quick processing, CFL ensures that small business owners can access the funds they need promptly.?
3. Individual Loan
CFL's Individual Loan caters to the personal financial needs of individuals in semi-urban and rural areas. Whether it's for education, medical expenses, or other personal requirements, this unsecured loan offers a convenient solution with straightforward terms. The application process is streamlined to ensure quick disbursal, helping borrowers address their financial needs without delay.?
CFL's commitment to transparency means that all loan terms and conditions are clearly communicated to borrowers, with no hidden charges. By focusing on the unique financial needs of their clientele, CFL continues to play a pivotal role in fostering financial inclusion across India.?
Empowering Rural India Through Tailored Financial Solutions
Criss Finance Ltd. has positioned itself as a vital financial partner for underserved communities, particularly in rural and semi-urban India. Recognising the unique challenges faced by individuals and micro-entrepreneurs in these areas—such as limited access to formal credit, unpredictable income patterns, and lack of financial literacy—Criss has crafted lending solutions that are simple, flexible, and accessible. By offering products like microfinance loans, small business loans, and home improvement financing, Criss is enabling rural households to meet essential needs, grow local enterprises, and improve their quality of life.
What sets Criss apart is its grassroots approach. The company operates through a strong network of 139 branches across six states, reaching over 2 lakh active borrowers. Its lending model is designed with empathy and practicality—loan amounts are right-sized, documentation is minimal, and repayment terms are aligned with the income cycles of borrowers. Backed by the financial strength of its parent, Spandana Sphoorty, and supported by digital tools and a trained on-ground team, Criss is not just disbursing credit but also building trust and financial empowerment at the last mile.
Key Strengths Of Criss Finance Ltd.
Key Strengths of Criss Finance Ltd. (Simplified)
1. Strong Support from Parent Company, Spandana
Criss Finance is an important part of the larger Spandana group and benefits from close support from its parent. The company has strong board-level representation and has received consistent financial backing from Spandana. This includes a credit line of INR 400 crore, out of which INR 328 crore is still unused. In addition, Criss received INR 100 crore in equity during FY24. With more capital support expected in the future, this backing will help the company grow and maintain a stable financial structure.
2. Better Asset Quality Over Time
Criss has shown major improvement in managing its loan quality. Its Gross Non-Performing Assets (GNPA) dropped to 2.5% and Net NPA (NNPA) to 0.6% as of March 2024. This is a big improvement from March 2023, when GNPA and NNPA were 3.5% and 1.3% respectively—and even more so from March 2022, when they stood at 8.5% and 5.6%. This progress was made possible by writing off bad loans worth INR 31.3 crore in FY23 and an additional INR 9.8 crore in FY24.
3. Healthy Capital Position
Criss maintains a low debt-to-equity ratio of 1.7x and a strong capital adequacy ratio of 33.7% as of FY24. This is supported by a net worth of INR 288 crore, built largely through equity funding from its parent. Looking ahead, another INR 200 crore equity infusion has been approved for FY25 to support its loan book growth. Even as lending increases, the company aims to keep its leverage (debt compared to equity) below 4.0x in the near future.
4. Strong Loan Repayment Collection
Criss has a collection efficiency of over 94%, which means most borrowers are paying their loans on time. This is thanks to the company's well-organised collections process and experienced team handling repayments.
5. Widespread Lender Network
The company works with over 20 lending partners, including well-known NBFCs and banks like Northern Arc, Clix Capital, JM Financial, Aditya Birla, and Federal Bank. This helps Criss access funds from a range of trusted sources and manage its borrowing needs effectively.
6. No Mismatch in Cash Flow Planning
Criss follows a careful approach in planning its cash flows and loan repayments. It ensures there is no cumulative mismatch between the money it expects to receive and the money it owes. In fact, the company maintains a positive balance across all time periods, which means it is well-prepared to meet its financial obligations.
Source: ICRA2
Financial Snapshot Criss Finance Ltd.
To arrange the capital, Criss Finance Ltd. also offers corporate bonds. These opportunities from the company are secured and are rated by credit rating agencies. On Grip Invest, investors invested in CREDIT ‘A-’ rated bonds of the company that offered fixed returns of up to 12%. To invest in similar, rated, regulated and secured fixed-income opportunities sign-up for Grip Invest today and start earning fixed returns:
References:
1. Criss Finance Ltd., accessed from: https://crissfin.com/board-of-director.
2. ICRA Ratings, accessed from: https://www.icra.in/Rationale/ShowRationaleReport?Id=132859
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