10 September 2018, India:
Micro-financing firm Satya MicroCapital has raised ₹34 crore from Swiss impact investment manager BlueOrchard Finance Ltd.
BlueOrchard invested the capital equally through two funds – Microfinance Initiative for Asia (MIFA), which targets Asian microlenders, and the Japan ASEAN Women Empowerment Fund (JAWEF), which targets female micro-entrepreneurs in emerging Asian markets, the company said in a statement.
Vivek Tiwari, MD & CEO, Satya MicroCapital, said, “The funds raised will enable us to build a stronger capital base and reach more entrepreneurs by offering them finance options for their livelihood and entrepreneurial undertakings. The capital raised will also help us scale up rapidly and develop innovative offerings for a wider segment of customers.”
Vivek Tiwari added, “Having grown at a considerable rate and expanded our presence across multiple regions in India, we are well on our way to becoming one of the leading microfinance institution in the country. Having partnership with developed focused like minded institution like BlueOrchard Finance Ltd is a strong testament to the market disruption that we are creating through large-scale financial inclusion, as well as our long-term growth potential.”
Satya MicroCapital started operations in January 2017. It provides loans to small entrepreneurs in both rural and urban areas. Its Limited Liability Group (LLG) model, mainly focuses on women, with their husbands acting as co-borrowers, through a credit product that allows them to start a new business or build their existing business. It has 57 branches in 57 districts in 11 states – Assam, Bihar, Chhattisgarh, Haryana, Himachal Pradesh, Odisha, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand and West Bengal.
(Image – Satya MicroCapital)