Satya Micro Cap gets Rs 16 crore to expand operations
, ET Bureau|
Updated: Oct 13, 2017, 09.17 AM IST
MUMBAI: New-generation micro-lending company Satya Micro Capital has raised Rs 16 crore in equity financing from Dia Vikas Capital, a subsidiary of Opportunity International Australia. The lending company plans to utilise the funds to expand operations over 35 districts across seven states in the current fiscal.
In a statement the company said that it has disbursed Rs 100 crore of capital to 35,000 customers within 10 months of commencing operations. It currently operates in six states: Haryana, Punjab, Uttarakhand, Chhattisgarh, Uttar Pradesh and Rajasthan.
"With adoption of modern technology and digitisation, Satya has been growing at a rapid pace by offering loans for livelihood and entrepreneurial purposes in rural areas. Having covered 28 districts in six states, we plan to venture into less financially-penetrated states in the coming year," said Vivek Tiwari, managing director of Satya Micro Capital.
Unlike standard micro finance lenders, Satya does not look at the JLG model (joint lender group) for its credit appraisal, taking credit call on an individual rather than a group. This enables Satya to give out higher ticket loans and also cross sell other financial products.
In a statement the company said that it has disbursed Rs 100 crore of capital to 35,000 customers within 10 months of commencing operations. It currently operates in six states: Haryana, Punjab, Uttarakhand, Chhattisgarh, Uttar Pradesh and Rajasthan.
"With adoption of modern technology and digitisation, Satya has been growing at a rapid pace by offering loans for livelihood and entrepreneurial purposes in rural areas. Having covered 28 districts in six states, we plan to venture into less financially-penetrated states in the coming year," said Vivek Tiwari, managing director of Satya Micro Capital.
Unlike standard micro finance lenders, Satya does not look at the JLG model (joint lender group) for its credit appraisal, taking credit call on an individual rather than a group. This enables Satya to give out higher ticket loans and also cross sell other financial products.
