The Company was incorporated as Spandana Sphoorty Innovative Financial Services Limited ("SSIFSL") on March 10, 2003 at Hyderabad, Andhra Pradesh, India as a public limited company under the Companies Act, 1956. A certificate of commencement of business was issued to SSIFSL on November 11, 2003 by the Registrar of Companies, Andhra Pradesh and Telangana at Hyderabad ("RoC"). On October 16, 2004, the Reserve Bank of India ("RBI") granted a certificate of registration bearing registration no. N-09.00414 to the Company, for the registration of the Company as a non-deposit accepting nonbanking financial company ("NBFC") under Section 45IA of the Reserve Bank of India Act, 1934. Subsequently, pursuant to a special resolution dated November 26, 2007 passed by the Shareholders, the name of the Company was changed to Spandana Sphoorty Financial Limited. Pursuant to a letter dated December 26, 2007, the RBI granted its no objection to the change of name of the Company to Spandana Sphoorty Financial Limited and a fresh certificate of incorporation consequent to change of name was issued by the RoC to the Company on January 3, 2008. Further, a fresh certificate of registration bearing registration no. N-09.00414 pursuant to the change of name was issued by the RBI on January 11, 2008. the Company was granted NBFC - Microfinance Institution ("NBFC-MFI") status by the RBI with effect from April 13, 2015 and a modified certificate of registration bearing registration no. N-09.00414 was issued by the RBI to this effect.
Major events and milestones of the Company :
2003 - The Company was incorporated as Spandana Sphoorty Innovative Financial Services Limited
2004 - The Company obtained NBFC registration
2007 - The Company received funding from JM Financial and Lok Capital
2008 - The Company changed its name to Spandana Sphoorty Financial Limited - The Company received funding from Valiant Capital
2010 - The Company opted for corporate debt restructuring under the CDR mechanism
2015 - The Company obtained NBFC - MFI license with effect from April 13, 2015
2017 - The Company exited from the CDR - The Company received funding from Kangchenjunga and Kedaara AIF 1
2018 - The Company received further funding from certain existing shareholders - The Company acquired Criss Financial as its subsidiary
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