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April 07, 2013

Deal Alert: MFI Satin Creditcare raises Rs.41-Cr; Lok Capital exits

New Delhi-based microfinance institution (MFI) Satin Creditcare Network Ltd. (SCNL) has raised Rs.41 crore from VC firms MicroVest II, LP, ShoreCap ll Ltd and Danish Microfinance Partners K/S. The promoter group has also contributed funds in this round. The nww round marks the exit of Lok Capital Llc (via sale to MicroVest). Lok was SCNL’s first institutional investor, investing about Rs.5 crore in April 2008. Unitus Capital was the financial advisor to the transaction. 

SCNL has microfinance operations spread across nine states in North India with 158 branches and around 428,000 customers. It had a loan portfolio of Rs.575 crore as of 31 March, representing an increase of 80% from a year ago. 

Source: Mint
 
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