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Kora Management LP (Kora), a global emerging markets investment firm, has made an equity investment of Rs 80 crore ($12.50 million) in Satin Creditcare Network (SCNL) to support the company's growth and digital initiatives as a financial services provider to rural and semi-urban India.
The investment by Kora is part of the recently concluded capital raise of Rs 205 crore ($31.50 million) via a preferential allotment.
With this transaction, Daniel Jacobs, co-founder and senior partner at Kora, will be joining SCNL's board of directors. The preferential allotment, approved by SCNL's board of directors on 24 November 2017 and by the shareholders on 22 December 2017, also saw participation from the promoters, Induslnd Bank and NMI (an existing investor in Satin).
India has a large population with little or no access to organized credit, especially in the rural areas. Satin, through its network of about 800+ branches provides financial services, primarily to women in these areas. In the next phase of growth, a strong capital position and technological innovation will enable the company to gain more scale and efficiently extend financial inclusion across the country, SCNL said in a statement.
On a consolidated basis, Satin Creditcare Network's net profit fell 57.3% to Rs 11.27 crore on 19.3% growth in total income to Rs 253.73 crore in Q2 September 2017 over Q2 September 2016.
Satin Creditcare Network (SCNL) is one of the largest microfinance institutions (MFIs) in the country.
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