SATYA MicroCapital Limited, a registered non-banking financial company (NBFC-MFI) in India, has secured INR 500 crore (approximately $60 million) debt funding from Sumitomo Mitsui Banking Corporation (SMBC Bank), a Japanese multinational banking financial services institution. This funding will enable SATYA to expand its operational model and develop innovative credit offerings, as well as enhance its product portfolio and end-to-end business processes for clients.
Moreover, the funding will be used to promote financial inclusion among women micro-entrepreneurs and empower them through microfinance. This partnership with SMBC Bank serves as motivation for SATYA to continue its mission of driving financial inclusion and empowering women entrepreneurs across India, according to Vivek Tiwari, the Managing Director and CEO of SATYA MicroCapital Limited.
Established in 2016 with headquarters in New Delhi, SATYA began its operational journey in January 2017. The company’s main goal is to digitally, socially, and financially empower rural women. Since its inception, SATYA has achieved impressive growth, with assets under management reaching nearly INR 5000 crore.
SATYA operates through a network of over 500 branches in 25 states, covering more than 50,000 villages. The company leverages technology to bring progressive change to the lives of its clients and has become one of the fastest-growing technology-driven microfinance institutions in the country.
Currently, SATYA provides affordable microcredit services to over 1.5 million women entrepreneurs in rural and semi-urban areas who are excluded from traditional banking channels due to their low and irregular income. The company’s focus is on promoting the socioeconomic upliftment of its clients by increasing income generation and financial self-sufficiency.
SATYA’s growth is attributed to its workforce of over 6,000 employees who play an integral role in driving the company’s expansion. Additionally, SATYA partners with like-minded institutions to promote digital and financial literacy in rural areas, in addition to providing financial assistance to the unbanked population.
Overall, SATYA MicroCapital’s recent funding partnership with SMBC Bank will enable the company to further its mission of financial inclusion and empowerment for rural women entrepreneurs in India, while utilizing technology as a catalyst for progress.
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