S.M.I.L.E. Microfinance Limited (SMFL) was established in 2004 with the aim of providing credit services to the urban and rural poor in Tamil Nadu. Initially registered as a non-deposit taking NBFC in 2006, it later acquired a Microfinance Institution (MFI) license in May 2015. SMFL operates primarily through the joint liability group (JLG) model, offering financial support to economically-backward women. The company received significant equity infusion from DWM Investments (Cyprus) Limited, which invested ₹25 crores each in FY2010 and FY2011 and currently holds about 66.6% of the company. The promoter group owns 18.6%, while former and current women members collectively hold 13.3%. Tamil Nadu forms the core operational base for SMFL, with Chennai and Madurai alone contributing to 28% of the total Assets Under Management (AUM) as of March 31, 2020