Satya MicroCapital raises Rs 34 crore from BlueOrchard Finance to offer loans to MSMEs
New Delhi, Sept 12 (KNN) MSME lender Satya MicroCapital has raised Rs 34 crore from Swiss impact investment manager BlueOrchard Finance Ltd.
Satya MicroCapital is a startup with the focus on lending to micro, small and medium enterprises (MSMEs) and has added women entrepreneurs for target-lending.
With these funds Satya MicroCapital will provide financial assistance to the small and micro firms in the business ecosystem, with special emphasis on women entrepreneurs.
The two arms of BlueOrchard-Microfinance Initiative for Asia (MIFA) and Japan ASEAN Women Empowerment Fund (JAWEF) have funded the amount to Satya MicroCapital in this round to facilitate MSME loan seekers.
In a statement, Satya MicroCapital Limited, MD & CEO, Vivek Tiwari said “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.”
He said that having partnership with developed, focused and likeminded 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.
“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,” he added.
New Delhi based Micro lender Satya MicroCapital has 65 branches across 11 states in India. The company has a NBFC license and is recognized as a Micro Finance Institution (MFI). Its unique model of Limited Liability Group lending has found many takers.
With this new fund raised from BlueOrchard, Satya MicroCapital hopes to be in a better position to offer its loan products to a wider section of the business operators and to expand geographically as well.