GMO-Z.Com Payment Gateway India Credit Fund has backed SATYA MicroCapital Ltd. through Non-Convertible Debentures (NCDs) worth Rs. 300mn. This is for the first time; SATYA has raised debt funding from Japan based investor. The funds will be utilised by the NBFC-MFI for innovative credit offerings to aspiring small and micro enterprises (SMEs) across the nation. The MFI also stated that the funds will be deployed towards development focussed initiatives for women entrepreneurs. This will essentially help the beneficiaries impacted by the pandemic to easily avail microloans for rebuilding and scaling up their businesses.
“This foreign debt fund of Rs. 300mn will help SATYA expand its operational network to new horizons while continuing to develop innovative credit offerings and ensuring complete end-to-end digitally controlled business processes being deployed. With the third wave of COVID-19 being anticipated, it is crucial to set our sights towards supporting SMEs.”
This debt funding has magnified our confidence in our business model. I am extremely grateful to GMO-Z.Com Payment Gateway India Credit Fund for instilling their trust in SATYA. I would also like to express my sincere thanks to Mr. Kohei Katada, CFO, Gojo & Company Inc. for helping us to reach out GMO-Z.Com Payment Gateway India Credit Fund. This will serve as the impetus we need to keep moving forward amidst such challenging times.
“GMO-Z.Com Payment Gateway India Credit Fund entering the Indian Microfinance Industry via SATYA MicroCapital Ltd. itself is a testament of their confidence and validation in our dynamic operations. Together, we not only anticipate a lasting business association, but also aim to financially empower several households holistically in near future,” said Vivek Tiwari, MD, CEO & CIO, SATYA MicroCapital Ltd.
SATYA also recently received approx. Rs. 1350mn funding from responsAbility Investments & Blue Orchard in August 2021. Being able to secure funds consecutively in such difficult times is an important achievement on its own. The priority is to reach out to more businesses and propel them towards growth. It is significant to nurture, encourage, and support local entrepreneurship with a larger vision of accomplishing the dream of Self-Reliant India.
The rise of credit services offered by Microfinance Industry in India since past few years has paved way for economic independence of unbanked and underserved section of the society. The MFI has certainly empowered marginalised population nestling across rural hinterlands by facilitating collateral free loans for their livelihood generation and income growth. The LLG business model adopted fundamentally by SATYA MicroCapital has essentially provided financial security and inclusion needed to lift millions from poverty.
New Delhi based SATYA MicroCapital Ltd. is an RBI registered NBFC-MFI which has illustrated remarkable growth since its establishment in October 2016. Till date, SATYA has provided microloans to over 5.15 lac micro women entrepreneurs across 21 states in the country. The NBFC has enabled debt financing of more than Rs. 3,225 crore for its clients. The MFI is instrumentally driving women empowerment and micro entrepreneurship across 21500 villages of the country. With an employee base of over 2,700 people working across 245 branches, SATYA aims to socio-economically uplift 5mn households by the year 2025.
For more information, please visit the website, satyamicrocapital.com.