New Delhi-based microlending company Satya MicroCapital has raised ₹34 crores from swiss impact investment manager BlueOrchard Finance.
The capital was invested equally through two funds managed by BlueOrchard. These two funds are Microfinance Initiative for Asia (MFIA), which targets Asian microlenders, and Japan ASEAN Women Empowerment Fund (JAWEF), which targets female micro-entrepreneurs in emerging Asian markets.
“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,” said Satya MicroCapital Managing Director and Chief Executive Officer, Vivek Tiwari.
Satya MicroCapital was founded by Vivek Tiwari in 2016, but it only started its operations from January 2017. The company provides seamless and convenient unsecured loans to people through strong credit assessment and centralized approval.
The company is operational in 11 states, covering 57 districts, with 57 branches. The assets under management for the company have already reached ₹275 crores, as of July 2018, helping small businesses with their loan needs.
It has also crossed the milestone of one lakh active loan clients with cumulative credit disbursement of ₹300 crores.
The latest funding will further help the microlender to enable more small and medium enterprises to avail credit-free loans to expand their businesses.
Last month, Satya MicroCapital raised ₹43 crores in funding from Japan’s Gojo & Company, along with its existing investor Dia Vikas Capital Pvt Ltd. Earlier it also raised around ₹11.5 crores in May 2018.
Founded in 2001, BlueOrchard is a United Nation’s initiative, as a commercial manager of microfinance debt investments worldwide. It offers debt and equity financing to institutions in emerging and frontier markets.
BlueOrchard has invested $5 billion in 350 institutions spanning across 80 countries, providing access to financing and related services to more than 37 million low-income individuals.