With the active outbreak third wave of COVID-19 being, it is quintessential for us to safeguard our national economy which is highly dependent on our SMEs, Vivek Tiwari of SATYA MicroCapital said.
MUMBAI, Jan 19 (The CONNECT) - NBFC-MFI SATYA MicroCapital Ltd has secured fresh funding through Non-Convertible Debentures (NCDs) worth ₹42 crores from funds managed by responsAbility Investments AG. The funds will be utilised by the NBFC-MFI in expanding its terrestrial network and product portfolio for the aspiring microentrepreneurs living across marginalised belt of the nation.
Vivek Tiwari, MD, CEO & CIO, SATYA MicroCapital Ltd. said, “This funding of ₹420mn will bestow SATYA with additional backing required for proliferating its network along with maintaining comprehensive end-to-end digitally controlled business processes. With the active outbreak third wave of COVID-19 being, it is quintessential for us to safeguard our national economy which is highly dependent on our SMEs.”
This debt funding, Tiwari said, has instilled a confidence boost in our business model. “I am extremely grateful to our lenders and investors for their unwavering trust in SATYA. For me this is exact impetus we need to triumph such trying times. Securing financial backing in a time period which is dominated by pandemic itself is a clear testament of validation in our dynamic operations,” he added.
Being able to receive funds in such difficult times is an important achievement on its own. The priority is to reach out to more and more people and to catapult them towards normalcy.
The NBFC-MFI offers collateral-free credit to micro enterprises based on strong credit assessment and a centralized approval system. SATYA has empowered marginalised population nestling across rural hinterlands by facilitating affordable credit offerings for their livelihood generation and income growth. The LLG business model adopted fundamentally by SATYA MicroCapital has essentially provided financial security and inclusion which is conducive to lift millions from poverty. The group lending model allows groups of borrowers to share the liability and responsibility to repay loans, while helping them build a strong credit profile to avail finance from traditional financial institutions. Through the model, the company aims to add a social touch to lending by integrating modern technology into the Micro Finance industry. SATYA primarily caters to women who own businesses or are looking for business expansion.