Satin Creditcare raises $4.7M from Norwegian impact investor NMI Fund
Monday, April 7, 2014
North India-based microfinance institution (MFI) Satin Creditcare Network Limited has raised Rs 28.44 crore ($4.7 million) in a fresh round of funding from Norwegian impact investor NMI Fund III KS (NMI), as per a company statement.
Satin Creditcare saw its portfolio grow to Rs 1,050 crore as of March 31, 2014 against Rs 580 crore as on March 31, 2013. The number of its banking relationships is bigger than most MFIs in the country; these include 18 public sector banks, 11 private sector banks, five foreign banks and 18 domestic and foreign institutional lenders.
In the last financial year ended March 31, 2014, it mobilised Rs 1,121 crore through debt funding, cash credit limit and securitisation/assignment transactions and was successfully able to diversify funding sources over the year through increasing reliance on non-convertible debentures (NCDs) and securitisation of portfolio.