Founded in 1998 by a first generation entrepreneur, Ms. Padmaja Reddy, a pioneer in the Indian microfinance industry, Spandana is a Hyderabad-based microfinance institution that focuses on providing small-ticket loans under the group lending model in rural and semi-urban parts of India. The Company is primarily focused on unsecured micro-lending under Joint Liability Group model with an average ticket size of ~INR 25,000. These loans are typically availed by underserved low income customers and used towards income generation in micro-businesses. A majority of the Company’s customers are not served by banks or larger non-banking finance companies due to their location and undocumented nature of their income, which present a large, and attractive market opportunity.