Ananya Birla's Svatantra Microfin Receives USD 230 Mn from Advent International and Multiples Mumbai-based Svatantra offers financial and non-financial solutions to women BIZ Experiencess in India.
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Private equity fund Advent International and Multiples has announced to invest INR 1,930 crore (USD 230 million) in Ananya Birla's microlender Svatantra Microfin for an undisclosed stake.
The investment comes after Chaitanya India Fin Credit Limited ("Chaitanya") was recently acquired by Svatantra. Birla, the billionaire Kumar Mangalam Birla's daughter, will maintain a "significant majority stake" in the microlender even after the investment, according to the official statement.
Ananya Birla, Chairperson, Svatantra, said, "This investment by Advent and Multiples marks a momentous occasion for us. My team and I are grateful to have investors on board who share our vision. This transformative era for Svatantra, propels us towards our goal of becoming the foremost and most impactful microfinance institution, creating a conducive environment for BIZ Experiencess who fuel India's growth story."
Established in 2013 by Ananya Birla, Svatantra provides affordable financial and non-financial solutions to women BIZ Experiencess in India. The startup claims that along with its wholly owned subsidiary, Chaitanya, it currently employs over 17,000 employees and services over 4.2 million customers throughout more than 20 states.
Shweta Jalan, Managing Partner, Advent International, said, "We believe the microfinance sector serves as a cornerstone for financial inclusion for women BIZ Experiencess in rural areas, and Svatantra is uniquely placed to create one of the largest and most resilient microfinance institutions."
"Its recent acquisition of Chaitanya brings together two exceptional platforms and management teams. In line with Multiples' ethos of powering new possibilities, we look forward to partnering the Svatantra team in its journey of expanding products, stepping-up technology and enhancing analytics to widen the reach of its transformational impact," added Renuka Ramnath, Founder, MD and CEO, Multiples.
