SATYA MicroCapital Limited, an RBI-registered NBFC-MFI, has raised ₹1000 million from Mizuho Bank Ltd., part of the Mizuho Financial Group, Inc. This deal was the maiden exposure to SATYA from Mizuho Bank, thereby diversifying the lender mix of SATYA.
The new funding will be useful for SATYA in upgrading its operational model. Further, it shall also support the development of innovative credit products and a wider product portfolio. It would infuse the ability to offer full-fledged services to the clients. And foster the agenda of financial inclusion for women micro-entrepreneurs. It intends to empower women via microfinance to bring a positive transformation in their lives.
On the occasion, Vivek Tiwari, MD & CEO of SATYA MicroCapital Limited, said, “Partnership with Mizuho Bank inspires us toward increasing financial inclusions and empowering women entrepreneurs through the length and breadth of the country. The belief in our model that Mizuho Bank has placed will surely help us reach our expansion goals.” It is gaining global recognition, and we remain committed to creating an impact that is sustainable and long-lasting for millions of households at the bottom of the pyramid.
Incepted in October 2016 and based out of New Delhi, SATYA started operations in January 2017. The organization works for the empowerment of rural women through digital, social, and financial methods. Since its inception, SATYA has successfully geared up its growth trajectory, reaching an AUM of almost ₹5000 crore. It harnesses technology as an enabler of positive change in the lives of its clients through more than 550 branches in 55,000 villages in 25 states.
Presently, SATYA provides access to affordable microcredit services for more than 1.7 million women entrepreneurs across rural and semi-urban areas. Many of these women have low and irregular incomes and no access to conventional banking facilities. It plans a socio-economic elevation of their clients through increased income and financial self-reliance.
It employs more than 7,000 staff members, all of whom are significant in the growth of SATYA. Besides providing financial assistance, it also works with like-minded institutions to propagate digital and financial literacy in the villages. In these ways, SATYA MicroCapital tries to empower its customers toward change that will last in their lives.
ANI
