Ananya Birla-led Svatantra Microfin has on Friday completed the acquisition of Sachin Bansal’s Navi Group’s subsidiary Chaitanya India Fin Credit.
“It’s official!! This is the moment we formally completed the acquisition of Chaitanya. Today marks a huge step as we welcome Chaitanya formally into the Svatantra family,” Ananya Birla said in her X handle Friday evening.
This made Svatantra the second largest NBFC-MFI with assets under management of Rs 13000 crore, after CreditAccess Grameen.
“Svatantra Microfin acquiring Sachin Bansal’s Chaitanya is positive news both for the microfinance sector and Svatantra,” the Microfinance Institution Network had said in a report called India Microfinance Review released earlier in the month.
“The acquisition is synergistic as it gives Svatantra strategic outreach in South India. From the sector viewpoint, while Birla Group’s Svatantra is known for its efficient operations and responsible lending, higher size will further strengthen it and also contribute to higher efficiency through economies of scale,” MFIN said.
Svatantra is one of the leading institutions which disburses loans directly in the customers bank account while it charges anything between 19.75 per cent and 24.25 per cent annually for micro loans. It offers MSME loans at 23 per cent rate.
Source: Economic Times