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Svatantra to raise ₹2K cr pvt equity
Mint Mumbai
|February 21, 2024
As per data from Crisil, Svantantra reported a total income of ₹1,396 crore and profit after tax of ₹130 crore in FY23
Ananya Birla-led Svatantra Microfin Pvt. Ltd, India's second-largest microlender, is set to raise ₹2,000 crore from private equity firms Advent International and Multiples Private Equity, a person aware of the deal said.
The Mumbai-based microfinance institution (MFI) will use the funds to expand and consolidate its growth, the person added, requesting anonymity.
Queries sent to Svatantra, Multiples and Advent remained unanswered.
The deal follows Svatantra's acquisition of Flipkart co-founder Sachin Bansal's Chaitanya Microfin Pvt. Ltd in October last year. Svatantra acquired the Bengaluru-based Chaitanya for ₹1,479 crore in a fully equity-funded deal, after the Reserve Bank of India (RBI) denied a universal banking licence to the latter.
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