Paisalo Digital Limited

Paisalo Digital Limited (PDL), originally incorporated as S. E. Investments Limited ("SEIL") on March 5, 1992, is a leading Systemically Important Non-Deposit Accepting Non-Banking Financial Company (NBFC-ND-SI). The company transitioned from a private limited company to a public limited company on March 1, 1995, and its equity shares are listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). PDL is regulated as a "Middle Layer" financial entity (NBFC-ML) in accordance with the Reserve Bank of India’s (RBI) scale-based guidelines. Led since inception by its founder promoter, Managing Director, and CEO, Mr. Sunil Agarwal, the company positions itself as a key debt-financing platform designed to deliver credit to underserved and underpenetrated segments of the Indian market.

PDL operates under a unique hybrid credit distribution strategy referred to as a "high-touch, hi-tech" model. This business model combines digital underwriting, optical character recognition (OCR), and machine learning collection workflows with a substantial traditional field force. The company’s core revenue stream is generated through interest income earned on its loan book (Advances). Its localized product suite includes Micro Enterprise Loans (such as Umeed and Pragati loans) targeted at livelihood-oriented borrowers like street vendors, food stalls, and tailors, alongside MSME/Business Loans (such as Udaan loans) structured for small traders, retailers, and local manufacturers.
The company's primary client demographics are strongly centered on financial inclusion. Notably, around 90% of PDL's borrowers comprise women customers, actively supporting micro-entrepreneurship and livelihood generation across regional communities. However, PDL also maintains wholesale credit relationships; as of March 31, 2026, its exposure to its twenty largest borrowers stood at Rs 1,22,984.90 lakhs, representing 21.16% of the company's total credit exposure. Sectorally, wholesale lending (classified as "Others Business Loan") represents the largest concentration, comprising 85.95% of its Assets Under Management (AUM), followed by retail agriculture and allied activities (6.19%) and vehicle finance (3.10%).

A critical operational driver for PDL is its collaborative co-lending framework. The company expands its market reach by entering into Business Correspondent (BC) Agreements with three nationalised public sector banks, with the State Bank of India (SBI) acting as its oldest and most prominent co-lending partner. PDL also optimizes its distribution reach through zero-capex partnerships with Original Equipment Manufacturers (OEMs) and dealers who act as Channel Partners. This asset-light model and strong pricing discipline have driven a steady improvement in PDL’s standalone Net Interest Margin (NIM), which rose from 5.78% in Fiscal 2024 to 6.35% in Fiscal 2025, and reached 6.63% as of December 31, 2025.

Geographically, PDL serves customers across 22 states in India, though its sourcing carries significant regional concentration. Approximately 40% of its loan book is concentrated in just two regions, with Delhi and Uttar Pradesh contributing 22.99% and 17.15% of PDL's total portfolio, respectively . Because PDL is a financial services provider rather than an industrial manufacturer, traditional factory infrastructure and capacity utilization metrics are Not Applicable. Instead, its physical infrastructure consists of a robust national distribution footprint comprising 402 branches, 3,041 distribution points, and 1,429 business correspondent (BC) locations, all supported by a workforce of approximately 3,147 personnel as of December 31, 2025.

• 1 Mr. Sunil Purushottam Agarwal
• 2 Equilibrated Venture Flow Private Limited