India: Satya MicroCapital raises $5.5m from two impact investment funds
By Quynh Nguyen
New Delhi-based microfinance company Satya MicroCapital has raised Rs 40 crore ($5.5 million) from responsAbility Investments AG and Microfinance Enhancement Facility S.A. (MEF), according to an announcement.
The company plans to use the funds for on-lending to Indian micro, small and medium enterprises. “The funds raised will help us scale up our operational base, capital base and reach more entrepreneurs by developing innovative credit offerings for micro, small, and medium enterprises across the country,” said Mr. Vivek Tiwari – MD & CEO of Satya MicroCapital.
Satya MicroCapital provides loans to small entrepreneurs in both rural and urban areas. Its limited liability group (LLG) model, mainly focuses on women, with their husbands acting as co-borrowers, through a credit product that allows them to start a new business or build their existing business.
Photo courtesy of Peter Haden.