Svatantra Microfin, headed by Ananya Birla, to buy Sachin Bansal's Chaitanya India for Rs 1,479 cr

Svatantra Microfin, a microfinance platform for rural women entrepreneurs founded by Ananya Birla, has entered into a definitive agreement to acquire Chaitanya India Fin Credit, the NBFC-MFI arm of Navi Group. Navi Group, co-founded by Flipkart's Sachin Bansal, initiated this significant acquisition in the microfinance sector. The transaction, valued at Rs 1,479 crore, is expected to be concluded by the end of 2023, subject to regulatory approvals. The combined entity is set to become the second-largest microfinance player in India, boasting a substantial presence with over 3.6 million active customers across 1,517 branches in 20 states. The total assets under management (AUM) are reported at Rs 12,409 crore as of March 31, 2023.

 

Ananya Birla, Founder and Chairperson of Svatantra, emphasized the synergistic strengths and shared ethos of the two entities that will drive the creation of a unique and impactful financial services provider.

 

Chaitanya India Fin Credit, acquired by Bansal in 2019, has shown remarkable growth, serving 1.4 million customers across 12 states with its digital-first approach. Since the acquisition, it has seen a compounded annual growth rate of 77%, significantly increasing its book size.

 

Content source: Media reports

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