Microfinance startup, based in New Delhi, SATYA MicroCapital Limited (1), has raised funding worth Rs 72.5 crore from Swiss impact investor BlueOrchard Finance Limited’s funds, including InsuResilience Investment Fund (IIF) and Japan ASEAN Women Empowerment Fund (JAWEF).
This is the second time the startup had received funding since its inception back in 2017. It earlier received Rs 105 crore in equity funding in May 2020 from Japan-based finance institution Gojo & Company Inc.
The company stated that the debt funding would instill a boost in scaling up its operational base while continuing to develop innovative credit offerings & complete end-to-end business processes for its valuable clients.
Vivek Tiwari, MD & CEO at SATYA MicroCapital Limited, said,
“The funds will be used for effectively promoting animal husbandry bundled with livestock insurance and in helping a wider section of small aspiring women entrepreneurs to normalize their business. We are thankful to BlueOrchard Finance [investor] for showing trust & confidence in SATYA.”
Adding a social touch to their business
SATYA MicroCapital, formerly known as TFC Finvest Limited, was founded back in 2017 by Vivek Tiwari. As an NBFC-MFI platform, it offers collateral-free loans to micro-enterprises, which is based on a credit assessment platform and a centralized approval system.
The firm has adopted a unique Limited Liability Group Model for extending loans and ensuring repayment through which it aims to add a social touch to lending by integrating modern technology into the Micro Finance industry.
The platform claims to have rendered its value-added credit services for generating means of livelihood to more than 4.5 lakh clients across 15k+ villages across India.
Currently, the platform has set up its 65 branches across 11 states including, Assam, Bihar, Chhattisgarh, Haryana, Odisha, Punjab, Rajasthan, Uttar Pradesh, Uttarakhand, and West Bengal.