SATYA MicroCapital raises $15 million in funds from Japan-based Gojo and Company Inc.
- ByStartupStory | June 25, 2022
A microfinance company located in Delhi called Satya MicroCapital Limited just received $15 million with the help of current Japan-based investor Gojo and Company Inc. Debt financing accounted for $8 million of the total capital raised, while equity funding made up the remaining $7 million.
SATYA stated that it intended to use these monies to increase the breadth of its product offering and to broaden its terrestrial footprint. SATYA has never before obtained financial financing from Gojo and Company Inc.
Vivek Tiwari, MD, CIO and CEO, SATYA MicroCapital Ltd. remarked, “We are certain that the money would help SATYA realise its goal of reaching 50 lakh families by 2025. This would encourage SATYA to expand steadily and help more businesses from underrepresented groups of society.” He also added, “The epidemic has presented an unavoidable danger to the lives of rural, self-employed women who make up the bulk of our clientele. Through our broad operational network, we will use this cash to give women microentrepreneurs with necessary and inexpensive loan services for the resurrection of their livelihoods and companies.”
SATYA now claims to have 350+ branches serving more than nine lakh customers for revenue creation and growth in industries including agriculture, animal husbandry, business/trade, production/services, and water sanitation in more than 35,000 villages across more than 225 districts in 21 states.
By encouraging financial independence and providing the necessary resources in terms of people, operational area, client outreach, and loan products, it claimed that it strives to improve the rural areas. It does this by providing micro-enterprises with collateral-free finance based on a thorough credit evaluation and a centralised approval procedure. The business has chosen to provide loans and ensure repayment via a distinctive Limited Liability Group (LLG) arrangement.
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