Satya MicroCapital,has recently crossed the milestone of reaching out to 2 lakh entrepreneurs and micro enterprises, with an astounding Rs. 680 crores of loan disbursements across India to its credit.
The capital raised by the company, as of 31 July 2018, was valued at a whopping Rs. 42.84 crores from the existing investors and through a private placement of equity shares to two investors, Gojo & Company, Inc. and Dia Vikal Capital Private Limited. A total of 7024384 equity shares were allotted to the two new investors at Rs. 61 per share. 2018 was also the year when the Compulsory Convertible Debentures held by Dia Vikas Capital Private Limited – 100 CCD of Rs. 1 lakh each and 348 CCD of Rs. 1 lakh each – were converted into 277778 and 818824 equity shares on 9 July and 31 July, 2018.
“From reaching 1,000 entrepreneurs in our first 100 days, Satyahas now successfully made a giant leap by offering loans to 2 lakh entrepreneurs. This was possible owing to Satya’s high touch, and advanced-technology-based model supported by a cashless and paperless approach. Having achieved this feat, we plan on keeping up the work of empowering more and more people at the lowest rung of social ladder, especially women who are looking to start or expand their businesses. By the year 2025, our goal is to give a socio-economic boost to 5 million households in both rural and urban markets. Our objective is to become the preferred choice for underserved people looking for funds to create their enterprise and boost their chances of earning a stable livelihood” Said Mr. Vivek Tiwari, MD & CEO, Satya MicroCapital Limited.
The JLG(Joint Liability Group) lending operation mainly focuses on the less privileged entrepreneurs based in rural and semi-urban areas across India by offering collateral-free credit to micro enterprises on the basis of strong credit assessment and centralized approval. The focus of Satya MicroCapital is mainly on providing services to women who are looking to either start or expand their existing business. The group’s Joint Liability Group (JLG) model which facilitates credit for women, with their husbands acting as co-borrowers, is a critical step towards gender equity and uplifting women across the nation’s workforce.