Satya MicroCapital is a Delhi-based micro-finance firm keeping its eye on the underbanked population and micro-enterprises. Satya MicroCapital has raised about $15 million. The fresh funding capital was led by Gojo and Company Inc. Of the total capital raised, debts and equity amount to $8 million, and $7 million respectively.
Satya MicroCapital is planning to utilize the fresh funding capital in the following ways:
- To expand its terrestrial footprint, and
- Expansion of product portfolio.
SATYA is guaranteed to have around 350+ branches in more than 35,000 villages of over 225 districts in 21 states in India. The company is currently catering to more than 9 lakh clients for income generation and growth in the agricultural industry, animal husbandry, business/trade, production/services, and water sanitation purposes.
The company is expected to uplift the rural sections by promoting financial independence and facilitating the appropriate resources in terms of human resources, operational area, client outreach, and credit products.
These criteria are accomplished by offering collateral-free credit to micro-enterprises based on strong credit assessment and a centralized approval system. The company follows the Limited Liability Group (LLG) Model for extending loans and ensuring repayment.
EXECUTIVE OPINION;
Vivek Tiwari, MD, CIO, and CEO, SATYA MicroCapital Ltd, said, "We are certain that these funds will enable SATYA to accomplish its vision of reaching 50 lakh households by the year 2025. This will also propel SATYA to consistently grow and empower more entrepreneurs from the underserved sections of society."
"The pandemic has posed an inevitable threat to the livelihoods of self-employed women in rural boundaries who majorly constitute our client base. We will be channelizing this funding to provide essential and affordable credit services to women micro-entrepreneurs for the revival of their livelihood and businesses via our extensive operational network," he added.
