Satya MicroCapital Ltd. Gets INR 16 Cr Capital infusion

The landmark has been achieved in just 10 months of firm’s existence

New Delhi : Satya MicroCapital Ltd., the new age microfinance company, today announced that the company has completed its first round of institutional funding amounting INR 16 Cr. via equity model with Dia Vikas Capital Pvt. Ltd.,a subsidiary of Opportunity International Australia. The fund raised will enable the Company to progress on its path of achieving its growth plans with focus on good asset quality.

Further the Company plans to strengthen its network via innovation delivery methods. They have already disbursed loans worth Rs. 100 Cr. to about 35,000 customers within a short span of 10 months and plan to further strengthen their portfolio to Rs. 200 Cr by the end of this financial year. The company currently operates in six states that includes Chhattisgarh, Haryana, Punjab, Rajasthan, Uttarakhand and Uttar Pradesh.

While the company is growing and expanding its loan book for the upliftment of the society, it is equally focused on building a stronger capital base that will help them extend their reach and serve more customers. It plans to cover 35 districts and 7 states in this fiscal. Satya has already pioneered cashless & Collection) and adopting digital tools such as E-KYC

On this occasion, Mr. Vivek Tiwari, Managing Director of Satya MicroCapital Ltd., said: “Our ambition is to create a company that can contribute positively and make a difference in the lives of people. Our new partners share our vision of enriching the lives of millions of Indians and we look forward to leverage and benefit from their expertise and reach. With adoption of modern technology and digitization, SATYA has been showing growth in a robust manner by offering loans for livelihood and entrepreneurial promotions in rural areas. Having covered major rural areas in six states, we plan to venture into less financially penetrated states in the coming year.”

Commenting on the funding, Mr. Saneesh Singh, MD & CEO of Dia Vikas Capital Pvt Ltd., said: “Dia Vikas aspires to expand outreach to financially excluded women in India by partnering with like-minded institution like Satya MicroCapital, working in underserved communities across the country. Dia supports its partners in managing social and financial performance as they adapt and evolve to meet changing client needs in an ever-changing operating environment. We see Satya MicroCapital as an institution that focuses on addressing client’s needs and uses technological innovations to address these needs effectively to achieve balanced growth and reducing unemployment. Dia Vikas continues to strengthen its partners by leading them to a path of financial and operational excellence while simultaneously keeping pace with their social goals, understanding client needs and providing better products and services and delivery”.

On reaching the milestone, Mr. SAMEER A.H., Founder, Vidura Capital said: "Vivek and his team have a vision of building Satya into a large-scale, superior quality micro-lending institution. Within a year of inception, Satya has achieved commendable scale and stands out as a company with a differentiated approach towards borrower-selection, credit-appraisal, technology-deployment, asset quality and organisation culture. It was no surprise that we received an excellent investor response for this capital raise process. On the back of Vivek’s proven track-record across MFI cycles, SATYA sees huge opportunity as the sector is grappling with portfolio issues due to recent events. Having commenced operations after demonetisation, Satya has an attractive runway with many incumbents primarily focused on collections and not growth."

By leveraging technology and making new adoptions in its operation model, Satya is offering prompt, convenient and affordable collateral-free credit to people at the bottom of pyramid through a strong credit assessment.