Microfinance company Satya MicroCapital secures ₹40 crores via NCDs

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New Delhi-based microlending company Satya MicroCapital has issued Non-Convertible Debentures worth ₹40 crores responsAbility, a managed private debt fund focused on micro and SME Finance, and Microfinance Enhancement Facility S.A (MEF).

The funds raised will be used to further facilitate lending to micro, small and medium enterprises.

Vivek Tiwari – MD & CEO, Satya MicroCapital Limited commented, “Having achieved tremendous growth since the previous financial year as well as having built a presence across 11 states in the country, we are at a critical juncture in our growth trajectory. The funds raised will help us scale up our operational base, capital base and reach more entrepreneurs by developing innovative credit offerings for micro, small, and medium enterprises across the country.”

Satya MicroCapital was founded by Vivek Tiwari in 2016, while it started operations from January 2017. The microlending NBFC provides seamless and convenient collateral-free loans to micro enterprises through its platfrom by strong credit assessment and centralized approval system.

The company operates on a “Joint Liability Group (JLG) Model”, to extend loans and ensure repayments. The JLG model enables borrowers to share responsibility and liability as a group, that exists only up to 10 instalments in biweekly collections. This joint lending model will help the company create a strong credit profiles for the members, enabling members to avail loans from traditional financial institutions.

The company is operational in 11 states, covering 57 districts with 57 branches. The assets under management of the company have already touched ₹275 crores, as of July 2018, helping small enterprises to expand their business.

Recently, Satya MicroCapital raised ₹34 crores from BlueOrchard Finance and earlier last month, it raised ₹43 crores in funding from Japan’s Gojo & Company, along with participation from existing investor Dia Vikas Capital.

Other fintech players in the microlending space include Capital Float, Aye Finance, Capital First, OfBusiness, SMEcorner, and Vistaar Finance, among many others.

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