New Delhi based mostly SATYA MicroCapital, a Micro Lending Agency, Secures Over $21M in Extra Funding

SATYA MicroCapital, a fast-growing micro-lending agency based mostly in India, has reportedly secured INR 153 Crore (appr. $21 million) in funding from Japan’s Gojo & Firm.

The microfinance lender confirmed that the latest funding acquired is likely one of the largest capital infusions it has obtained (and likewise usually in India) throughout these difficult occasions.

The New Delhi based mostly agency famous that the fairness spherical of INR 105 Crore ($13.eight million) was closed from Gojo & Firm in Could of final yr. The overall funding secured by the agency stands at INR 260 Crore (appr. $35.72 million).

SATYA MicroCapital’s administration said:

“It’s actually the most important capital infusion obtained amidst such powerful occasions by any MFI in Indian Microfinance Business.”

Vivek Tiwari, MD, CEO and CIO at SATYA MicroCapital remarked:

“The shopper base of SATYA MicroCapital Ltd. is predominantly shaped by self-employed rural girls [residing] in rural and suburban terrains, who’re essentially the most susceptible within the COVID-19 period with their day-to-day lives uncovered underneath direct risk. The capital raised shall be utilized in applicable customized to develop our operations to a broader spectrum thereby offering the much-needed monetary entry to girls micro-entrepreneurs for his or her livelihood rehabilitation.”

Tiwari additional famous that it’s a second of “privilege” for SATYA MicroCapital Ltd. and that they’re actually grateful for the boldness Sanjay Gandhi and Taejun Shin have of their group. Tiwari added that receiving this capital infusion “validates the enterprise mannequin of any MFI complimented by an exponential enhance in its confidence.” He thinks that the funding obtained will even assist “re-foster traders’ confidence again within the sector.”

Sanjay Gandhi, Founder and Chief Funding Officer, Gojo & Firm Inc. remarked:

“It provides Gojo nice pleasure to offer funding to SATYA Microcapital in its present spherical of fairness increase. This fairness infusion will assist SATYA in its quest to handle the wants of a lot of ever-growing shoppers.”

Gandhi additionally famous that Vivek has used the lockdown interval (as a consequence of COVID-19) rather well to additional strengthen the group’s “means to utilize expertise infrastructure for a greater shopper expertise.”

He added:

“Now, with enterprise slowly returning again to regular, SATYA is nicely poised to renew its climb in direction of turning into one of many largest and essentially the most admired (non-banking monetary firm) NBFC (microfinance establishment) MFI. Gojo will proceed to assist SATYA in its journey and desires Vivek and his total group all the perfect.”

SATYA Microcapital is a Reserve Financial institution of India (RBI) registered NBFC-MFI and has issued micro loans to over 450,000 self-employed girls micro-entrepreneurs throughout 21 states by way of 170 branches in India.

Gojo & Firm is a Tokyo-based Japanese holding firm of MFIs all through the world providing monetary entry to MFIs throughout totally different nations.