Purple Finance Limited, initially established as Devipura Balaji Securities & Investments Private Limited in 1993, transitioned to a public company in 1998 and later rebranded in 2013. It operates as a non-deposit taking Non-Banking Financial Company (NBFC), registered with the Reserve Bank of India. Purple Finance focuses on providing secured business loans to micro and small enterprises, particularly in Tier II, III, and IV cities, with loan sizes ranging from Rs 3 lakh to Rs 30 lakh. The company emphasizes a digital-first approach and has expanded to 20 branches, impacting over 500 micro-entrepreneurs.
In a strategic move, Purple Finance merged with Canopy Finance Limited in 2022, as approved by the National Company Law Tribunal. This merger facilitated the transfer of Canopy Finance's entire undertaking to Purple Finance, alongside an allotment of 3,36,14,954 equity shares, bolstering its capital structure and market presence.
