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Satya MicroCapital has raised $7 million and Light Microfinance $5 million by issuing non-convertible debentures (NCDs) to Mauritius-based Aviator Global Investment Fund and Indian debt platform Northern Arc Capital.
The microfinance institutes will use the funds to lend to micro, small & medium enterprises (MSMEs).
“The fund raised will help us scale up our operational base to new territories while continuing to develop further innovative credit offerings and ensuring complete end-to-end digitally controlled business processes being deployed,” Vivek Tiwari, Managing Director and Chief Executive Officer at Satya MicroCapital said.
The company has more than 3 lakh clients in over 15 states across the country. The company has a portfolio of ₹750 crore.
Light Microfinance, which caters to more than 1.2 lakh women across three western states, will use the funds to lend to rural women and boost their income, said Rakesh Kumar, CEO at Light Microfinance.
Mumbai-based Vidura Capital, a BFSI-focused investment bank, was the exclusive adviser to both the deals.
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