Satin Creditcare Network Ltd, one of India’s largest microfinance companies, said it has received an investment of Rs 80 cr from US-based hedgefund Kora Management.
Kora’s investment is part of the latest funding of Rs 205 that the company raised from institutional investors that also included the promoters of IndusInd Bank and NMI, an existing investor in Satin.
Daniel Jacobs, co-founder and senior partner at Kora, will be joining SCNL’s Board of Directors, the Indian company said.
The investment will help Satin, which has 845 branches in India, expand its reach in rural and semi-urban India, it added.
“We welcome Kora as partners as we look to leverage digital technology and expand customer offerings into new segments,” said H P Singh, Chairman and Managing Director at SCNL.
“Kora also has extensive experience in Fintech across emerging markets, specifically in Latin America, India and China. That experience will help Satin as it continues its transformation into becoming a fully digital financial services firm,” he added.
Kora CIO Nitin Saigal said the investment will allow the Indian company to “capture significant opportunities” in the wake of demonetization.
He also said Satin’s management was committed for the long term, as shown by their recent investments into digital.
India has a large population with little or no access to organized credit, especially in the rural areas.
Satin, through its network of about 800+ branches provides financial services, primarily to women in these areas.