Teaching Notes: Fueling innovation: market identification and service evolution at Kuber-Kanak Microfinance Association

Abhik Mitra from Patna’s middle class worked as a professional, while his key goal was to help disadvantaged sections of society. His vision for financial inclusion prompted him to pursue his dreams after witnessing that local artisans failed to receive help from corporate lending and their ongoing financial struggles. 2016 marked the establishment of the Kanak Kuber Microfinance Association (KKMFA) by Mitra after injecting INR 7.5m through a trust-based Joint Liability Group (JLG) to lend small amounts to rural borrowers. Mitra’s approach to personalized lending brought immediate success to the KKMFA, which led to new investments, resulting in new business...