Ananya Birla-led Svatantra Microfin has entered into a definitive agreement with global private equity firm Advent International and Indian private equity firm Multiples for an investment of Rs 1,930 crore ($230 million).
The investment follows the acquisition of Chaitanya Indian Fin Credit, a subsidiary of Sachin Bansal’s Navi group, by Svatantra Microfin in August at an investment of Rs 1,479 crore.
With an employee base of over 17,000 and assets under management of Rs 13,000 crore, the microfinance firm has seen a sharp growth since starting operations in March 2013. It currently serves over 4.2 million customers in over 20 states.
“This investment by Advent and Multiples marks a momentous occasion for us. My team and I are grateful to have investors on board who share our vision,” said Ananya Birla, head, Svatantra.
“We believe the microfinance sector serves as a cornerstone for financial inclusion for women entrepreneurs in rural areas, and Svatantra is uniquely placed to create one of the largest and most resilient microfinance institutions,” said Shweta Jalan, managing partner, Advent International.
“The recent acquisition of Chaitanya brings together two exceptional platforms and management teams,” said Renuka Ramnath, founder, MD and CEO, Multiples.
