Purple Finance Limited was originally incorporated as a Private Limited Company under the name of 'Devipura Balaji Securities & Investments Private Limited' on November 09, 1993 issued by the Registrar of Companies, Maharashtra, Mumbai. The Company was subsequently converted into Public Limited Company as 'Devipura Balaji Securities & Investments Limited' vide fresh Certificate of Incorporation dated July 20, 1998.
Devipura Balaji Securities & Investments Limited acquired K K Financial Services Private Limited on September 13, 2013 to commence/carry on the business of non-banking financial institution without accepting deposits. The Company received the Certificate of Registration from Reserve Bank of India dated July 20, 1999. Pursuant to aforesaid acquisition, the Company applied for name change to Registrar of Companies, Mumbai and received a Certificate of Registration approving change in name to Purple Finance Limited' vide Certificate of Incorporation dated November 26, 2013. The Company also received an approval from RBI for name change with effect from January 06, 2014.
The Company registered with the Reserve Bank of India as a non-deposit taking NBFC and started its limited lending activities in the year, 2013. In 2022, five like-minded professionals came together with the existing founder of Purple Finance, Amitabh Chaturvedi, to build an MSME-focused, digital-first NBFC, catering to micro and small enterprises with secured business loans. Resulting this, the Company has ventured into retail MSME secured lending in October, 2022 and operate in Tier II, III and IV cities, offering loans to micro enterpreneurs between Rs 3 lakh to Rs 30 lakh. It also opened 20 branches and empowered more than 500 lives through the best of techno,logy and by giving them access to affordable and timely credit.
In 2022-23, Canopy Finance Limited merged with the Company through The Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench vide its order dated 15 February, 2024 through which the entire Undertaking of Canopy Finance Limited was transferred to the Company effective from October 1, 2022. In terms of the said Scheme, 3,36,14,954 Equity shares of Rs 10/ each were allotted to the Company through the Scheme of Arrangement.