NextRu Livelihoods Private Limited was co-founded by promoters of NEHPL and Nirantara FinAccess Private Limited during FY 2017-18. The company was created to shift Banking Correspondent (BC) operations from Nirantara FinAccess Private Ltd (an NBFC) as per the direction of Reserve Bank of India to separate BC and own asset portfolio.
Nirantara FinAccess was an NBFC-MFI until September 2017. Due to change in strategic direction to diversify, the NBFC-MFI started running down its own-book microfinance portfolio, shifted BC portfolio to NextRu and changed its classification as NBFC. Now Nirantara FinAccess is in the process of launching MSME and Individual Loan Products.
NextRu is a Private Limited Company registered under Indian Companies Act of 2013. The company is expanding rapidly with multiple products and geographies as a BC of banks and financial institutions.