TN-based financial intermediary Samunnati to start 12 branches

Samunnati, a financial intermediary business firm that provides loans, plans to start 12 branches in Thiruvannamalai, Tamil Nadu.
Samunnati's first branch is likely to be operational by this Diwali in Thiruvannamalai.
"We plan to start 12 operational branches in Thiruvannamalai in the first three months of our operations. Our first branch is likely to be operational by this Diwali in Thiruvannamalai. Each branch will cost around 5 lakh capex and 1 lakh of opex per month. All branches will operate in Tier 5, rural villages," Samunnati's Chief Executive Officer Anil Kumar SG told PTI.
It would take two years for the entity and the first branch would take around six months to turn operationally positive, he said.

Samunnati would take another one year to break even, he said adding the company would recruit locals and train them with skills necessary for financial services providers.
"Since the business' focus is on local agricultural value chains, it is imperative that the staff has a deep understanding of the agricultural value chain specific to the district they operate in. Hence, we would recruit local talent from remote rural areas so as to harness native intelligence," he said.
Samunnati would focus primarily on the unbanked part of the agricultural value chain.
"We will go live in the dairy segment to start with, and then get into post-harvest as well as farm mechanisation after around eight months of the pilot project," Anil Kumar said.