Satin Creditcare, a lender in India, recently secured the local-currency equivalent of USD 30 million through a qualified institutional placement (QIP) from Indian firms including ICICI Prudential Life Insurance, Bandhan Mutual Fund and Bajaj Allianz Life Insurance. Among Satin Creditcare’s plans are to expand its subsidiaries, Satin Finserv - a lender to micro-, small and medium-sized enterprises (MSMEs) - and Satin Housing Finance. In addition to lending to smaller firms and for housing improvements, the institution also issues wholesale funding to other microlenders. Established in 1990, Satin Creditcare has since grown to operate 1,300 branches serving 3.2 million women. For the quarter ending September 2023, the company reports having brought in gross income of USD 65 million on total assets of USD 1.1 billion.
Author: Renata Samadova
