Satin Creditcare funding

Gurugram-based microfinance firm Satin Creditcare Network announced that it has raised $5 million/INR 36.9 crore in a funding round from Development Bank of Austria/Oesterreichische Entwicklungsbank AG/ OeEB, in debt.

The company plans to utilize this loan to strengthen its financial structure and support clients get through the pandemic. The loan comes after the IL&FS crisis and liquidity crunch, given that non-banking finance companies (NBFCs) have become extra careful, making it difficult to obtain cash from banks or other financial institutions. 

Satin raised $15 million from the bank in 2020 to increase financial inclusion by extending its portfolio. As of December 2020, Satin had a headcount of 11,441, across 1,252 branches, catering to more than 30 lakh clients. It has its operations across 23 States and Union Territories in the country.

OeEB is a part of the Export Credit Agency of Austria named Oesterreichische Kontrollbank. It offers finance to companies in developing countries and emerging markets. Satin Creditcare is an NBFC established in 1998 by Singh, licensed by the Reserve Bank of India. It offers microloans to marginalized women from rural to urban areas, in addition to serving MSMEs and individual businesses.

Satin CreditCare is empowering several people from both rural and urban areas. The fresh infusion of capital will help the company in expanding its operations to other parts of the country.

Shishir Gupta, Founder and CEO, StartupLanes

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