SATYA MicroCapital Limited has raised $60 million from Sumitomo Mitsui Banking Corporation a Japanese multinational banking financial services institution.
The company will use the funds to improve operational efficiency, work on new credit offerings and, expand product portfolio it said in a statement.
“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,” said Vivek Tiwari, Managing Director and CEO of SATYA MicroCapital Limited.
“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, SATYA is a micro lending non banking financial corporation (NBFC) with over 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. The company has also extended its credit services to more than 15 lakh women entrepreneurs.
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