Microfinance establishment Svatantra Microfin Non-public Restricted, based by Ananya Birla, is all set to amass Chaitanya India Fin Credit score, an NBFC-MFI arm of Navi Group, Rs 1,479 crore in what’s being touted as one of many greatest offers within the microfinance sector.
Navi Group is co-founded by Sachin Bansal, the co-founder of Flipkart.
The deal is prone to be accomplished by the tip of 2023. The acquisition will see Svatantra changing into the second-largest microfinance establishment within the nation.
“The proposed acquisition will propel Svatantra to a major management place. The mixed entity will command a considerable attain, enabling the supply of a various array of economic companies to our shoppers throughout a geographically various portfolio,” Ananya Birla stated in an announcement.
“We’re dedicated to being a accountable lender, and I imagine our synergistic strengths and shared ethos will speed up our ongoing journey to create a novel, priceless and impactful monetary companies entity,” the assertion additional stated.
“We have now seen Chaitanya develop virtually 6X within the final 4 years, making credit score accessible to rural India. This transaction is consistent with our strategic plan to give attention to our digital-first companies, as we proceed our digital-first monetary companies by the Navi Group,” Bansal stated. We imagine that Svatantra is an efficient match for Chaitanya and that the corporate will proceed to develop and prosper with the mixed experience of each groups, he added.