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The huge investment comes after Svatantra’s recent acquisition of Chaitanya India Fin Credit Limited. Upon completion of the proposed transaction and merger with Chaitanya, the combined entity will be amongst the largest non-banking microfinance companies in India, said the company in its official statement.
“The current promoter group led by Ananya Birla will continue to have a significant majority stake,” said the company on post-infusion shareholding.
Commenting on bagging lofty investments from Advent International and Multiples, Ananya Birla, Chairperson, Svatantra, said, “This investment by Advent and Multiples marks a momentous occasion for us. My team and I are grateful to have investors on board who share our vision. This transformative era for Svatantra, propels us towards our goal of becoming the foremost and most impactful microfinance institution, creating a conducive environment for entrepreneurs who fuel India’s growth story.”
“We are thrilled to announce Advent’s investment in Svatantra. We believe the microfinance sector serves as a cornerstone for financial inclusion for women entrepreneurs in rural areas, and Svatantra is uniquely placed to create one of the largest and most resilient microfinance institutions,” said Shweta Jalan, Managing Partner, Advent International.
“In line with Multiples’ ethos of powering new possibilities, we look forward to partnering the Svatantra team in its journey of expanding products, stepping-up technology and enhancing analytics to widen the reach of its transformational impact,” said Renuka Ramnath, Founder, MD and CEO, Multiples.As on December 31, 2023, NBFC-MFIs, on an aggregated basis, have a network of 19,712 branches with 1,75,806 employees while the total microfinance loan portfolio stood at Rs 3.99 lakh crore, serving 74 million unique borrowers, according to Microfinance Industry Network.Total equity of the NBFC-MFIs grew by 38% year-on-year to Rs 31,825 crore at the end of last year.
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