Microfinance company Satya MicroCapital raised about Rs 53 crore in external commercial borrowing from a German co-operative bank, which focuses on sustainable development.
The deal marked the bank’s second investment in India, furthering their commitment to provide support for the underserved in the rural areas of the country. The bank — Bank Im Bistum Essen eg (BIB) — earlier invested in Fusion Microfinance.
Founded in 2016, Satya has over Rs 5000 crore of assets under management and footprints across 22 states with more than 500 branches.
The fund will strengthen our lenders’ confidence in our business model, Satya managing director Vivek Tiwari said.
The deal was arranged by Northern Arc. To date, Northern Arc arranged a total of Rs 716 crore of ECB funding for its originator partners.
