Microfinance institution Svatantra Microfin Private Limited has entered an agreement to acquire Sachin Bansal-led Navi Group’s subsidiary Chaitanya India Fin Credit Private Limited for Rs 1,479 crore.
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The transaction is expected to be completed by the end of 2023, Svatantra Microfin and Navi said in a joint statement.
To recall, Bansal was looking for a universal banking license for Chaitanya India for a long time. However, the Reserve Bank of India rejected the company’s application in May last year. The rejection was deemed as a setback for Bansal’s plan of setting up a full-service banking platform.
It is worth highlighting that Navi generated more than 32% of its revenue from microfinance business run via Chaitanya India as of FY22.
Led by Ananya Birla, Svatantra claims to have a reach of more than 3.6 million active customers through 1,517 branches across 20 states in the country. Over a decade-old company, the microfinance platform provides affordable financial and non-financial solutions to women entrepreneurs in rural areas.
With this acquisition, Svatantra claims to be the second largest microfinance entity in India with a combined asset under management of Rs 12,409 crore as on March 31, 2023.
“…We have seen Chaitanya grow almost 6X in the last 4 years, making credit accessible to rural India. This transaction is in line with our strategic plan to focus on our digital-first businesses, as we continue our digital-first financial services through the Navi Group,” Bansal said in the statement.
