New Delhi-based micro-lending firm, SATYA MicroCapital Limited, has raised a debt funding amount of $60 million from Sumitomo Mitsui Banking Corporation (SMBC), a financial services institution headquartered in Japan.
What is the purpose of fundraising?
According to the company's statement, the raised capital would be utilized towards enhancing the operational efficiency of SATYA MicroCapital, allowing the company to develop new credit offerings and broaden its existing product portfolio.
Vivek Tiwari, the Managing Director and CEO of SATYA MicroCapital said, “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."
He further emphasized the company’s unwavering commitment to creating a sustainable impact and fostering a brighter future for countless households situated at the bottom of the economic pyramid.
What does Satya MicroCapital do?
Established in October 2016, SATYA MicroCapital operates as a non-banking financial corporation (NBFC) specializing in micro-lending, with Assets Under Management (AUM) nearing Rs 5000 crore.
The company claims to have established a widespread network, comprising more than 500 branches that extend across over 50,000 villages in 25 states of India.
According to the firm, the extensive reach has enabled SATYA to extend its credit services to over 15 lakh women entrepreneurs, emphasizing its role in promoting financial inclusion and women empowerment.
What does Sumitomo Mitsui Banking Corporation do?
Sumitomo Mitsui Banking Corporation (SMBC) is a Japanese multinational banking and financial services institution. The company provides tailored financial solutions to meet the unique business needs of its clients, with a focus on helping them grow and prosper.
SMBC offers a range of services including investment solutions, payment processes, and cash management, combining industry insights with technology to streamline operations and achieve financial goals while mitigating risk.