SATYA MicroCapital, an RBI-registered NBFC-MFI, has secured ₹500 crore ($ 60 million) from Sumitomo Mitsui Banking Corporation (SMBC), a Japanese multinational financial services institution under Sumitomo Mitsui Financial Group.
This marks the second time SATYA has received funding from SMBC.
The new infusion of debt will be used to drive advancements in SATYA’s operational model, fostering innovation in credit offerings, expanding the product portfolio, and enhancing end-to-end business processes for its valued clients.
This funding will also used to boost financial inclusion for women micro-entrepreneurs and promote women’s empowerment through microfinance.
Vivek Tiwari, MD, CEO & CIO at SATYA MicroCapital, stated, “Our continued partnership with SMBC Bank is a key driver and inspiration for SATYA’s ongoing mission to enhance financial inclusion and empower women entrepreneurs throughout India. The trust SMBC Bank has placed in our business model will be central to our expansion efforts. As SATYA’s business model gains traction globally, we remain committed to creating a sustainable impact and a brighter future for numerous households at the bottom of the pyramid.”
Established in October 2016, and headquartered in New Delhi, SATYA initiated the course of its operational journey in January 2017. Since then, the company has registered impressive growth by achieving Assets Under Management (AUM) of more than ₹6,000 crore. SATYA has established its terrestrial footprints via an operational network of 650+ branches in nearly 55,000 villages across 25 states with more than 7000+ employees.
At present, SATYA is furnishing its affordable micro-credit services to more than 18 lakh women entrepreneurs from rural and semi-urban areas who are excluded from traditional banking channels.
