Satin Creditcare Network Limited (SCNL) announced that it has received $4.7 million (INR28.44 crore) in a funding round from Norway's NMI Fund III KS (NMI). Unitus Capital served as the sole financial advisor in the said deal, according to VC Circle.
Satin Creditcare chairman and managing director HP Singh said: "With this round of capital infusion, we are poised for reasonably higher growth as well as diversification and scale. We are confident that we will be able to expand and provide a range of financial services to the underserved population of the country."
Achieving an 81% growth, SCNL has become one of the fastest growing microfinance firms in India. It has formed banking relationships with 18 public banks, 11 private banks, 5 international banks, and 18 local and foreign lenders, Business Standard detailed.
SCNL will use the new capital to fuel its expansion to the rural parts of North India. In addition, the firm will strive to reach over 100,000 households and reach the 1-million mark in terms of borrowers, the report stated.
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