Micro-finance firm SATYA MicroCapital Limited recently announced raising of fresh round of funding. The company will be securing funds worth up to $22 mn led by an existing investor. The total amount of fiscal backing is constituted by $15 mn being allocated to CCPS and $7 mn being allocated to Equity.
SATYA plans to channelize these funds in an appropriate custom to expand its presence across national geographies and augment its diversified loan book.
Securing successive fundings in such short span of time will propel the RBI registered NBFC-MFI to diversify its portfolio of new investors.
Sharing his views on recent round of funding, MD, CIO & CEO, SATYA MicroCapital Ltd., Vivek Tiwari said, "We are certain that the funds raised will enable SATYA to accomplish its vision of reaching 50 lakh households by the year 2025. This will also catapult us towards consistent growth and endow SATYA to empower more Entrepreneurs from the marginalized sections of society."
He also added, "The pandemic has engendered an inevitable threat to livelihoods of self-employed women in rural boundaries who constitute our client base. We will be utilizing this funding to render essential and affordable credit services to women micro-entrepreneurs for the renaissance of their livelihood and businesses via our extensive operational network."
Extending gratitude to esteemed investors, Vivek said, "We are deeply appreciative for our investor's unwavering faith in our organization. Receiving this type of new and fresh money infusion supports any MFI's business model and boosts its confidence exponentially. This will undoubtedly restore investor confidence in the sector."
Headquartered in New Delhi, SATYA currently has 325+ branches in more than 30000 villages of 225 districts in 21 states catering to more than 8 lakh clients who seek credit help for their income generation and income growth purpose in sectors such as agriculture, animal husbandry, business/trade, production/services, and water sanitation purposes.
With its operational journey started in 2017, SATYA MicroCapital is addressing the financial inclusion opportunity emblematic approach to traditional microfinance by directing comprehensive emphasis on leveraging technology for improvising the customer experience along with reducing operational costs.
(With inputs from ANI)
