Lakshya works towards a unique and financially sustainable business model to provide the large numbers of underserved Indians living in urban India with access to simple, suitable and affordable financial products and services, through use of new technologies and a network of on the ground financial planners.
90% of the people in India work in the informal sector, with a substantial number of households being part of the lower middle class. Such households have strong aspirations, but inadequate savings to convert their dreams into reality. In order to meet their goals people now take personal loans without sufficient knowledge of existing financial savings products. With structured financial planning for the medium to long term, we can prevent households from slipping back into poverty.
Lakshya is a partnership between Enviu, a Netherlands-based innovation organization that builds social enterprises and Jana Urban Services for Transformation (Jana Services), a 100% subsidiary of Jana Urban Foundation, promoter of Janalakshmi Financial Services, India’s largest MFI.
Lakshya’s target segment includes the self- employed in the informal sector as well as blue collar workers earning upwards of Rs.15k month. This segment is currently neither fully benefited by India’s government schemes meant for the BPL families, nor by the main-stream financial institutions who cater largely to the mass affluent in the formal sector. Products from the micro-finance institutions are restricted largely to loans. Even where other products like insurance are distributed by these institutions, the services are normally restricted to the period of the loan tenure and lack a comprehensive after sales support from the product partners suited for the needs of this segment.