Biznextindia: SATYA MicroCapital Limited, one of India’s fastest growing micro-lending companies, has raised INR 105 crore in equity funding by Gojo & Company, Inc. This is one of the first investments in the Microfinance sector after the nationwide lockdown.
To inhibit the nationwide turbulence created by a lethal coronavirus, India entered an outright lockdown, on 25th March 2020. The aftermath of the move is likely to severely affect the upcoming FY 2020 – 21. In times like these, SATYA aspires to successfully regulate the funds for enacting its commitment towards reaching out to mass parting of migrant workers and meagre people who are facing adverse effects of the pandemic. The recent capital infusion will be trajected in a diversified manner for employment generation and livelihood rehabilitation across terrestrial footprints in the country.
“We are grateful to Gojo & Company, Inc. for their continued belief in us. This shows trust of our investors in the company as well as in the MFI industry which is exceptionally praiseworthy. The extent of confidence Mr. Sanjay Gandhi and Mr. Taejun Shin have fostered in our organization holds paramount significance for us and serves as a clear indicative of our substantial strength, intrinsic values, and reliability. This further validates our business model and the responsible growth we have achieved in last 3 years.Yielding capital infusions like this during the hazardous outbreak of such a pandemic is rare. Gojo not only holds a deep understanding of the microfinance sector in Asia but also shares our long-term vision of building a high-quality organisation serving people at the bottom of the economic pyramid. We are certain that the capital infusion will serve as driving force to SATYA for reinforcing its vision of being a catalyst for the socio-economic upliftment of 5 million households by the year 2025, which will enable us to empower more and more entrepreneurs from the underserved sections of society”
-Vivek Tiwari, MD & CEO, Satya MicroCapital Ltd.
Owing to the persevering bounce back power, adaptability to change and resilience of MFI industry; the industry will again prevail stronger than ever before and will certainly win over the contagious COVID – 19 crisis Given the fact that once the pandemic crisis is over, the destitute section of the population will look forward to the microfinance sector for coming back to their normal lives. The sort of sectoral confidence and strength industry has illustrated in the past, serves as an imperative evidence that MFI strata will play an integral role in eradicating the domestic distress via credit-based poverty reduction strategy and will relevantly develop the underserved at an exponential speed.
Gojo & Company, Inc., is a Japan-based holding company of microfinance institutions around the world that aims to provide financial access for everyone in developing countries via MFIs. The company is headquartered in Tokyo and has subsidiary microfinance institutions in various countries such as Cambodia, Sri Lanka, and Myanmar.
“It gives Gojo great pleasure to close the INR 105 crores equity funding round with Satya Microcapital Limited. Despite these tough COVID times, Gojo’s confidence in Satya remains as strong as ever. We are positive that Vivek Tiwari and the highly committed Satya team will make the best use of fresh equity and continue with its journey to provide financing support to micro-entrepreneurs across the nation. With Vivek at the helm of affairs, we do believe that in the days ahead, Satya will emerge stronger and we will see more adoption of technology to make Satya the MFI that will set the highest standards for others to emulate” Sanjay Gandhi – Founder & Chief Investment Officer, Gojo & Company Inc. said.