Satin Creditcare, New Delhi based Micro Financing startup has raised $3.7 Million (INR 250 million) from Karvy Capital. The investment was raised against issuance of non-convertible, redeemable and cumulative preference shares. The raised funds will be infused to cater to the working capital requirement for the company.
Speaking on the development, HP Singh, Chairman & Managing Director – Satin Creditcare stated that the raised funds will help the institution in maintaining the working capital balance and improving stability for the time being. He further stated that in the current financial year, the company is looking to raise INR 5000 crores through debt and equity.
Satin Creditcare has raised funds through various sources in the past. Including term loans, sub debt, NCD, Preference shares, ECB and Commercial paper.
Started as a non-banking financial company, Satn Creditcare has emerged as one of the most popular micro-financing institutions in the country. It is currently operating in over 16 states and expecting to touch a GMV of INR 5000 crores in FY 2016-2017. On the above figure, it is expecting a net profit of INR 100 Crores.
Some of the investors in the company include ShoreCap II Ltd, Microvest Mauritius Ltd and Danish Microfinance Partners K/S.