NewsVoir
New Delhi [India], September 30: RBI registered NBFC-MFI, SATYA MicroCapital Limited has successfully raised Rs 500 Cr (USD 60Mn) from Sumitomo Mitsui Banking Corporation which is a Japanese multinational banking financial services institution owned by Sumitomo Mitsui Financial Group, Inc.
The infusion of debt funding will engender an advancement in scaling up SATYA’s operational model while continuing to formulate innovative credit offerings, expanding product portfolio, providing complete end-to-end business processes for its esteemed clients. The funding will also be leveraged towards catalysing financial inclusion amongst women micro entrepreneurs and shaping a new paradigm of women empowerment through microfinance.
Vivek Tiwari, MD & CEO of SATYA MicroCapital Limited said, “Our association with SMBC Bank serves as the propelling force and motivation for SATYA to continue its mission of driving financial inclusion and empowering women entrepreneurs across India. The level of trust SMBC Bank has bestowed in our business model will form the helm of our expansion goals. SATYA’s business model is eventually gaining impetus across global landscape. Moving forth, SATYA will stay ardently committed to creating sustainable impact and enabling brighter future for countless households at the bottom of the pyramid.”
Established in October 2016, and headquartered in the capital city of New Delhi, SATYA initiated the course of its operational journey in January 2017. With the foremost and fundamental goal of empowering rural women, digitally – socially – financially, SATYA has come a long way since its incorporation. Since then, the company has registered an impressive growth by achieving Assets Under Management (AUM) of nearly Rs 5000 crore. With a network of more than 500 branches spanning over 50,000 villages across 25 states, SATYA is harnessing technology as a catalyst for inducing progressive change in the lives of its clients, where it has consistently integrated cutting-edge innovations into its operations. This in turn has resulted in SATYA emerging as one of the fastest growing highly-technology driven MFIs in the country. At present, SATYA is furnishing its affordable micro credit services to more than 15 lakh women entrepreneurs from rural and semi-urban areas who are excluded from traditional banking channels because of their low, irregular, and unpredictable income. The helm of SATYA’s accessible services is to be a catalyst for the socio-economic upliftment of its clients via channelizing income growth and income generation. SATYA is integrally concentrated towards building their financial capacity and ability to boost financial self-sufficiency. The taskforce of more than 6000 employees plays an intrinsic role in SATYA’s ongoing growth trajectory. In addition to yielding financial aid to unbanked sections of the population, SATYA MicroCapital consistently associates with institutions of the same wavelength to disseminate the importance of digital and financial literacy in rural areas.
Media Contact: mediarelations@satyamicrocapital.com
For More Information Visit: satyamicrocapital.com.
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