To support company's growth and digital initiatives as a financial services provider to rural and semi-urban IndiaKora Management LP (Kora) has made an equity investment of Rs 80 crore (USD 12.5 mn) in Satin Creditcare Network 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 (USD 31.5 mn) 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 the company's board on 24 November 2017 and by shareholders on 22 December 2017, also saw participation from the promoters, IndusInd Bank and NMI (existing investor).
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