Bargach Finance Pvt. Ltd.: A Leading Financial Service Provider with a Purpose
If we look and compare the lifestyle of city dwellers with people in Rural and Semi-Urban India, we can spot a humongous difference. Lack of basic amenities like sanitation, drainage system, clean drinking water, wall plastering, cemented floor, maintained roofs, etc. are the common issues with which people are constantly struggling in rural and semi-urban India even in this era of incredible advancement. The primary reason behind the above-mentioned issue is the lack of funds to provide a better and healthy lifestyle. Bargach Finance Pvt. Ltd. came into existence to provide a funding solution to financially excluded customers for this concern.
Bargach Finance Private Limited (Bargach) is registered as a Private Limited Company under the Companies Act 2013. The Company has its head office in Kolkata, West Bengal and offers small-ticket loans of INR 50,000, INR 75,000, INR 1,00,000 for a tenure of 2 years. Bargach has applied for an NBC-ND license from the RBI.
Rahul Johri is the Chairman of Bargach Finance Pvt. Ltd. Under his vision and entrepreneurial skills, the Company is making rapid progress. The leadership team also comprises of Prasanta Kumar Sahu (Director) and Sumit Hans (Chief Operating Officer)
Loans are provided for Home Improvement, Drinking Water and Sanitation to women customers in rural and semi-urban locations, having a similar socio-economic profile, through seven branches spread in West Bengal, managed by Branch Heads and Relationship Officers.
Sighting the kind of affirmative response they have got from their clients, they have planned their expansion in the states of Odisha, Madhya Pradesh, Chhattisgarh and Tripura in the next 3 years.
In these crucial times, Health and Hygiene are the attention-seeking topics, which are directly linked to the availability of clean water, Sanitation facility and Quality homes and this has directly affected the lives of women and kids living in Rural and Semi-urban locations. Government organizations and NGOs have been dedicatedly working towards the goal of providing these facilities, but due to the lack of availability of funds with most of the people and poor understanding of how a lack of these basic needs can cause a risk to their life; this remains a dream for them.
Considering these alarming issues, the leadership team at Bargach Finance pondered towards providing these basic needs and facilities. However, having a commercial sense was important to remain focused and for creating a long-term venture.
Foreseeing a high demand/ opportunity, they started gathering expertise to build a sustainable business model. What ignited the final step towards the formation of their venture was the market opportunity in the sector since there is a limited number of organizations, which have similar product ranges as theirs. With their remarkable ideas, services and solutions-oriented approach, they have helped in improving the living standards of society and overcoming the hygiene problems in the interior parts of our country.
The essential need for a company is to adapt to the latest changes towards catering to the indispensable requirements of the clientele. The best way to adapt to a dynamic market is to improve skills along with the capability to overcome situations without violating any operational guidelines.
For the adaptation of the market trends, they have to connect with the customer since this is just not about extending loans but also understanding their needs and educating them about the solution and benefit of using the same.
Taking a look at the above-mentioned statement, they decided to recruit team members experienced in serving people in rural and semi-urban locations. Since they operate in the rural parts of India, the need that was inferred from the clients is an improvement in their living standards and solving problems related to hygiene, which mainly occurs due to lack of proper drinking water and sanitation needs that are addressed by their loan products. Rahul Johri, Chairman of Bargach Finance says, “We are into educating the women of rural society about health and sanitation before they become our customers and also on how to address this problem through our loan products “
It’s vital to be competent in today’s era by being unique in the entrepreneurial space.
They do not have peers in the same field of business as other lenders do not have these products in their product basket. Also, there is a huge gap in demand and supply, which is unnoticed by peers.
In their field of operations, they have other organizations giving out loans for income generations, home loans, car loans, etc. With their distinctive motive and concern, they stand out to be a unique organization that mass-market people can look up to for their very basic needs.
Through in-depth research and market penetration, they have gained an edge over their peers. Their loan products are the key and the daily/routine interaction with their clients has helped their vision to build a sustainable business. A dynamic set of field operatives can be approached by the customers whenever there is a query and they are always happy to provide clarity on the product offering.
The incredible and noble objective of the organization along with sincere efforts has resulted in visible achievements and accolades.
Some of the major milestones for the company has been partnering with two renowned financial institutions to start operation. They have been successful in servicing more than 250 satisfied customers in 3 months. The Company has placed extra focus, even in the present uncertain times, on staying in touch with stakeholders such as clients, employees and lenders.
Prasanta Kumar Sahu (Director) says, “The greatest of all achievements is to know people from the isolated places of our country and know their problems, understand them as their very own and help them build their dream with our financial boost. The satisfaction that comes around knowing that we could be the reason for so many smiles is exquisite. We have been able to nourish so many lives whom we could not have helped as individuals but through this idea/initiative, it has become possible.”
At Bargach Finance, they envision a multitude of expansion plans covering new geographies and product lines. Like all growing organizations, they also have defined business plans with 3-year objectives. They do want to spread across the nation with their motive of helping the ones in dire need of their support to uphold a healthy and hygienic lifestyle.
Rahul Johri sums up by saying “We have just begun with our operations and are already getting encouraging response from our team as well as customers who have been motivating us to look at a larger picture for the organization’s future. However, such a large expansion is going to take 3-5 years since we are learning day-by-day by gathering experiences.
We plan to touch half a million households through our ideas by 2024’’