Microfinance company Satin Creditcare Network Ltd has raised $30 million (Rs 216 crore) in debt from FMO (Netherlands Development Finance Company or Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden NV).
Satin Creditcare has raised funding by issuing non-convertible debentures to FMO.
The investment will support Satin Creditcare in its planned expansion and portfolio growth, the company said in a release.
“With the new capital pool at our disposal, we will be looking at strengthening our ongoing credit lending services to a larger section of our existing and potential customer base,” said H P Singh, chairman and managing director, Satin Creditcare.
Satin Creditcare’s gross loan portfolio stood at Rs 5,561 crore as on September-end, according to the latest report by Microfinance Institutions Network.
On a consolidated basis, Satin had assets under management of Rs 6,191.4 crore as on September-end, according to the release.
Satin Creditcare offers its clients a variety of loans under the microfinance segment. It has business correspondence partnership with IndusInd Bank.
In the non-microfinance segment, the firm offers loans to MSMEs (micro, small and medium enterprises) and business correspondent services to financial institutions through wholly-owned subsidiary Taraashna Services Limited.
In November 2017, wholly-owned subsidiary Satin Housing Finance received housing bank licence and started operations in February 2018.
As of September-end 2018, Satin Creditcare had 1,066 branches across 20 states.
FMO is a Dutch development bank. It has a portfolio of 9.2 billion euros spanning over 90 countries.
